IUINOIS  RIVER  RAILROAD  COMPANY. 


:  TMK 


harte,  farms  of  first  fjlflrtpaf 

^  «• 


FIRST  MORTGAGE,  OR  DEED  OF  TRUST; 


OPINIONS   OK   COUNSEL: 


RUNNING      ARRANGEMENT 


AND  ROCK  ISLAND  RAILROAD, 


HAi,  TEAM 

n 


UNIVERSITY  OF 

ILLINOIS  LIBRARY 

AT  URBANA-CHAMPAIGN 

ILLINOIS  HISTORICAL  SURVEY 


ILLINOIS  EIVER  RAILROAD. 


PRESENTING 


CHARACTERISTICS  OF  LOCATION  AND  CONSTRUCTION, 


WITH 


Mistm  an&  (Estimate  of  Irokfrle 


MAP  SHOWING  ITS  POSITION  AND  CONNECTIONS, 


TOGETHER    WITH 


CHARTER,  FORM  OF  BOND  AND  MORTGAGE,  &e.,  &e. 


NEW  YORK: 
BAKER    <fe    GODWIN,    PRINTERS, 

PRINTING-HOUSE  SQUARE,    OPPOSITE   CITY   HALL. 
1858. 


\mrnt 


of  % 


DIRECTORS 


WM.  THOMAS,       . 
R.  S.  THOMAS, 
J.  M.  RUGGLES,    . 
B.  S.  PRETTYMAN,  . 
J.  WAGENSELLER, 


Morgan  County. 
Cass  " 

Mason         " 
Tazewell     " 


R.  S.  THOMAS,     . 
B.  S.  PRETTYMAN, 
FRANCIS  LOW,  . 
M.  H.  L.  SCHOOLEY, 
J.  B.  CUMMINGS,     . 


PRESIDENT, 


Virginia,  Cass  Co. 


VICE  PRES'T,  Pekin,  Tazewell  Co. 

TREASURER,        .  Havana,  Mason  Co. 

SECRETARY,    .  Virginia,  Cass  Co. 

CHIEF  ENGINEER,  Pekin,  Tazewell  Co. 


CONTENTS. 


PAGES. 
REPORT  OF  CIIIEF  ENGINEER,     .  .  .  .  .  ,  .  \    5 — 41 

Termini  of  the  Road,       .            .            .            .            .          •  .  5 

Alignment  and  Gradients,     .            .             .            .                         .  6 

Excavation  and  Material,             .            .            .            .            .  *  7,  8 

Bridges,  Culverts,  <fec.,  .  -         .  .        <    .  .'         _.'.'       8,  9 

Progress  of  the  work,      .  .  .  .  .  .9,10,11 

Distance  the  Road  runs  in  Peoi-ia,  Tazewell,  Mason,  Cass   and 

Morgan  Counties,          .            .            .            .            .    '        .  10 

Estimated  cash  cost  of  the  Road,  in  each  County,     .  .  .10,11 

Estimate  of  total  cash  cost  of  the  Road,              .            .            .  12,13 

\f>                           Resources  of  the  Road,           .            .            ...            .            .  13 — 16 

Its  connections  with  other  Roads,  and  the  advantages  to  be  derived 

therefrom,  Ac.,       .            .  •  •    .    .,  •         .            .            .            .  16 — 23 

Description  of  the  towns  and  counties  on  the  line  of  the  Road,     .  23 — 33 

Description  and  population  of  Peoria,          ,'          .  .  .23,24 

"            "           "     TAZEWELL  COUNTY,        .            .  24,  25 

"     Pekin,       .  fc            .             / .          .  25,  26 

"    MASON  COUNTY,              .  26,  27 

{$.    It"                          "                          "           "     Havana,       .            .            .            .  27 

"     Bath,      .            .            .  27,  28 

fj~                          "            "            "           "     CASS  COUNTY,           .            .  28,  29 

"•             "            "            "     Chandlerville,    .             .             .  29 

"             "             "            "      Virginia,     .             .          •'.            ,  29 

"D                         "             "                          "     Beardstown,       .             .             .  29,  30 

"            "           "     MORGAN  COUNTY,     .        '.    .            .  80,  31 

"             "             "            "     Jacksonville,     .             .         ^'.  31,82 

Statement  as  to  population  in  certain  counties  of  Illinois,    .            .  33 

Statement  as  to  assessed  valuation  of  property  in  1857,  in  certain 

counties  of  Illinois,             ......  34 

\D      -f^                Statement  as  to  receipts  of  certain  Railroads  in  Illinois,    .            .  34,  35 

General  Summary,     .......  36 — 41 


11 

PAGES. 

Estimated  cost  of  the  Road  including  discount  on  bonds,           .  36 

Passenger  Traffic,       .......  37 — 39 

Freight  Traffic,     .            .           ..  '  .        ....  39 

Estimate  of  Revenue,  .......  40 

APPROVAL  by  the  Directors  of  report  of  Chief  Engineer,  ...  41 
PROCEEDINGS  of  the  Board  of  Directors  of  October  8th,  1858,  ratifying  sale 

«fec.,  of  first  Mortgage  Bonds,  <fec.,      .....  42 — 44 

REPORT  of  J.  COLLINS  CHESBROUGH,  CIVIL  ENGINEER,  confirmatory  of  the 

report  of  the  Chief  Engineer,              .-            .            .            .            .  45, 46 

OPINION  of  Hon.  Stephen  T.  Logan,  as  to  the  power  of  this  Company  to  sell 

its  bonds,  at  or  below  their  par  value,  <fcc.,    ....  47 

CHARTER  of  the  Illinois  River  Railroad  Company,  February  llth,  1853,       .  48 — 54 

ACT  AMENDATORY,  of  March  1st,  1854,      ••.            .            .            .            .  54 — 56 

"               of  January  29th,  1857,        .....  56—60 

of  February  16th,  1857,             .            .    '                    .  60—63 

COPT  of  one  of  the  1320  First-Mortgage  Bonds,           ....  65 — 68 

COPY  of  First  Mortgage  or  Deed  of  Trust  as  executed,        .            .            .  68 — 82 

CERTIFICATES  of  the  recording  of  the  First  Mortgage  in  Five  Counties,          .  83 — 85 
CERTIFICATES  of  the  Clerks  of  the  Five  Counties  that  the  First  Mortgage  is 

the  ONLY  LIEN  upon  the  corporate  property  therein  described,          .  85 — 89 
RUNNING  ARRANGEMENT  with  the  Chicago  and  Rock  Island  Railroad  Com- 
pany, dated  September  27th,  1858,     .            .            .            .            .  90—100 

APPROVAL  of  said  running  arrangement: — 

by  John  Cleaveland,  Esq.,        ....  101 

by  George  T.  M.  Davis,  Esq.,        .             .             .  101 

by  Alexander  Studwell,            ....  101 

PROCEEDINGS  of  the  Board  of  Directors  of  November  20th,  1858,  approving 
and  confirming  the  forms  of  the  First-Mortgage  Bonds  and  of  the  Mort- 
gage or  Deed  of  Trust,  dated  respectively,  November  1st,  1858,       .       102 — 105 

PROCEEDINGS  appointing  Henry  Farnam  a  director,    ....  106 

LETTER  of  George  T.  M.  Davis,  Esq.,  to  Mr.  Studwell,      ...  107 

LETTER  of  George  T.  M.  Davis,  Esq.,  to  R.  S.  Thomas,  Esq.,  .            .            .  110 
STATUTE  of  Illinois  forbidding  corporations  from  interposing  the  defence  of 

USURY  in  any  action,    .            .                         .            .            .            .  112 

STATUTE  of  Illinois  declaring  that  Illinois  Law  shall  govern  in  construing  or 
enforcing  contracts,  loans,  bonds,  <fcc.,  authorized  by  that  Law,  although 
made  payable  in  other  States  or  in  foreign  Countries  where  a  less  rate 
of  interest  is  allowed,        ,  .  .  .  .  •  .112,118 

OPINION  of  John  Cleaveland^  Esq.,  as  to. the  validity  of  the  First-Mortgage 

Bonds  and  of  the  Deed  of  Trust  made  to  secure  their  payment,       .  114 


TO  THE  STOCKHOLDERS. 


OFFICE  OF  THE  ILLINOIS  RIVER  RAILROAD  Co.  ) 
PEKIN,  November  1, 1858.      ) 

IT  is  with  pleasure  that  I  have  it  in  my  power,  officially  to  an- 
nounce to  the  stockholders  of  the  Illinois  River  Railroad  Com- 
pany, that  since  the  annexed  report  of  the  Chief  Engineer  of  the 
road  was  made,  bearing  date  September  [10,  1858, 1  have  con- 

uf  rir^t-Murtsfngi-  Homls 

eluded  a  sale,  upon  terms  entirely  satisfactory  to  the  Board  and 
such  of  the  Stockholders  as  have  been  made  acquainted  with  the 
terms  of  the  contract,  to  an  amount  sufficient  to  purchase  for 
cash,  all  the  Rails,  Chairs,  Spikes,  Frogs,  and  Switches,  that  are 
required  to  complete  the  road  from  the  junction  of  the  Peoria 
and  Hannibal  Road,  to  Jacksonville,  in  Morgan  county. 

The  rails  are  now  being  purchased/*??1  cash  at  the  present  low 
rates,  and  are  to  be  delivered  by  the  opening  of  navigation. 

And  as  the  road  is  required  to  be  completed  through  the  entire 
length  above  designated,  by  the  ensuing  autumn,  the  duty  of  the 
stockholders  in  meeting  with  promptness  their  installments,  so 
that  the  bed  of  the  road  may  be  ready  for  the  iron  as  fast  as  the 
latter  shall  be  received,  will  be  apparent  to  all. 

I  have  the  additional  pleasure  of  announcing  that  a  most 
advantageous  and  permanent  running  arrangement  has  been  en- 
tered into  between  the  Chicago  and  Rock  Island  Railroad,  and 
our  own,  by  which,  among  other  decided  advantages,  we  secure 


all  our  rolling  stock  and  motive  power,   without  incurring  a 
dollar's  indebtedness  for  the  same. 

By  the  terms  of  this  latter  arrangement,  the  rolling  stock  is  to 
be  placed  upon  the  road  as  fast  as  we  have  ten  consecutive  miles 
completed. 

All  which,  is  respectfully  submitted, 

EICHAKD  S.  THOMAS, 

President  Illinois  River  Railroad  Company. 


Illinois  $!a&tr  |laHroalt>  Compang,  \ 

CHIEF  ENGINEER'S  OFFICE, 
PKKIN,  September  10, 1858. 

To  the  President  and  Directors 

of  the  Illinois  River  Railroad  Company: 

GENTLEMEN — 

THE  following  REPORT,  made  in  accordance  with  your  instruc- 
tions, is  respectfully  submitted.  It  is  intended  to  present  in  as 
brief  and  comprehensive  manner  as  possible,  the  characteristics 
of  the  Illinois  River  Railroad,  as  regards  location,  cost  of  con- 
struction, connections  with  other  lines  of  railroad  ;  together  with 
statistics  of  the  counties  and  towns  through  which  it  passes,  and 
an  estimate,  of  its  probable  business  and  revenue  when  opened 
for  traffic. 

The  Illinois  River  Railroad,  by  its  charter,  extends  from 
Jacksonville,  in  Morgan  County,  to  Lasalle,  Lasalle  County,  Illi- 
nois ;  but  for  the  present,  its  northern  terminus  will  be  at  the 
junction  with  the  Peoria  and  Hannibal  Railroad,  two  miles  north 
of  Pekin,  and  about  seven  and  a  half  miles  south  of  Peoria.  The 
agreements  between  the  two  companies  are  such,  that  it  may  be 
considered  virtually  one  line  of  road  from  Peoria  to  Jacksonville. 


6 

From  Peoria  to  the  Junction  the  line  is  very  direct,  crossing 
but  one  stream  and  encountering  no  heavy  work.  This  portion 
of  the  Peoria  and  Hannibal  Railroad  is  ready  for  track,  with  the 
exception  of  the  bridge  across  Kickapoo  Creek. 

From  the  Junction  to  Jacksonville,  the  characteristics  of  the 

f 

line  are  as  follows : 

ALIGNMENT. 

From  the  Junction  to  the  city  of  Pekin,  the  line  crosses  the 
Illinois  river-bottom  for  about  two  miles  by  embankment  and 
piling,  and  the  Illinois  river  by  a  bridge  consisting  of  a  draw- 
bridge and  five  spans  of  truss  bridging.  From  Pekin  to  Jackson- 
ville, the  line  may,  for  all  practical  purposes,  be  considered 
straight ;  the  curves  being,  in  nearly  every  case,  at  the  towns  on 
the  line  of  the  road  and  points  where  maximum  speed  would  in 
no  case  be  required. 

Of  the  seventy-five  miles  of  road,  over  sixty-six  miles  is  in 
straight  line,  and  over  eight  miles  of  the  balance  in  curved  line 
that  practically  would  be  but  little  inferior  to  straight  line  for 
operating;  and  with  exception  of  the  approaches  to  the  Illi- 
nois river  bridge  and  two  short  curves  between  Virginia  and 
Jacksonville,  there  are  no  curves  of  less  than  two  degrees  or 
2,865  feet  radius.  '  , . 

The  line  passes  through  the  city  of  Pekin,  towns  of  Havana, 
Bath,  Chandlerville,  Virginia,  within  one  and  a  half  miles  of 
Arcadia,  in  Morgan  County,  and  connects  at  Jacksonville  with 
the  Jacksonville,  Alton,  and  St.  Louis  Railroad. 


GRADIENTS. 

The  grades  on  fifty-nine  miles  of  the  road  vary  from  level  to 
thirty  feet  per  mile :  there  being  twenty -two  miles  of  level  grade ; 
and  over  twenty-four  miles  additional,  less  than  twenty  feet  per 


mile ;  the  balance  varying  from  thirty  to .  sixty  feet  per  mile, 
about  equally  divided  between  ascending  and  descending  grades, 
the  preponderance  being  rather  in  favor  of  northern  transporta- 
tion. It  will  be  practicable  to  reduce  the  extreme  gradients 
whenever  the  demands  of  traffic  and  the  interests  of  the  Company 
require,  at  moderate  expense. 

Nearly  all  the  grades  of  over  thirty  feet  per  mile,  are  on  that 
portion  of  the  road  south  of  Sangamon  river,  and  there  is  no 
grade  of  over  forty  feet  per  mile,  of  greater  length  than  three 
quarters  of  a  mile  in  one  consecutive  piece. 


EXCAVATION     AND     EMBANKMENT. 

There  will  be  twenty-three  miles  of  cuttings,  and  fifty-two 
miles  of  embankments.  The  great  excess  of  embankment  will 
keep  the  road-bed  free  from  snow  in  winter ;  and  the  cuttings 
being  few  in  number  and  in  nearly  every  case  short,  gives  ample 
facility  for  thorough  drainage.  The  width  of  the  banks  is  fifteen 
feet  and  of  cuttings  twenty  feet,  at  grade  line,  generally  with 
slopes  of  one  and  a  half  horizontal  to  one  vertical. 


MATERIAL. 

There  is  no  rock  excavation  or  indurated  earth  on  the  line  of 
the  road,  the  whole  earth  work  coming  under  the  head  of  "  com- 
mon excavation."  The  general  character  of  the  material  on  the 
line  of  the  road  is  sandy  loam,  of  itself  very  good  for  laying 
superstructure  without  ballasting. 

There  are  several  fine  gravel  pits  on  the  line  between  Pekin 
and  Sangamon  river,  fifty  miles ;  and  wherever  any  better  than 
the  natural  surface  is  required,  ballast  of  the  best  quality  can 
be  procured  within  moderate  distance. 


From  Sangamon  river  to  Jacksonville,  the  character  of  the 
soil  is  less  suitable  for  road-bed  without  ballasting ;  but  there  are 
several  gravel  and  sand  pits  on  this  portion  of  the  line,  and  no 
ballasting  would  require  to  be  hauled  over  ten  miles.  Fifty  miles 
of  the  road  without  ballasting,  would  be  equal  to  any  road  in  the 
Western  States  for  running.  The  sandy  nature  of  the  soil, — ab- 
sorbing rains  and  obviating,  in  a  great  measure,  the  effects  of  the 
frost,  which  make  so  many  of  our  "Western  roads  not  only  diffi- 
cult and  expensive  to  keep  in  repair,  but  dangerous  to  ride  over 
in  the  spring  and  winter  seasons, — together  with  the  superior  fea- 
tures of  line  and  grade,  warrant  us  in  asserting  that  this  road  will 
be  one  of  the  cheapest  roads  in  the  country  to  operate  and  keep 
in  repair. 

BRIDGES. 

The  bridge  across  the  Illinois  river  is  to  be  built  on  the  plan 
of  Howe's  improved  patent  truss ;  consisting  of  a  drawbridge  of 
two  hundred  and  ninety-two  feet  span,  and  five  spans  of  one 
hundred  and  fifty  feet  each,  making  a  total  length  of  bridge  of 
1,076  feet.  The  masonry  is  of  the  first  quality,  and  built  in  the 
best  manner.  The  superstructure,  with  exception  of  the  floor 
beams  and  track  stringers,  is  to  be  planed  and  painted  with  three 
coats  of  the  best  oil  paint.  The  bridge  at  Mackinaw  river  will 
be  one  span  of  one  hundred  and  fifty  feet,  and  at  Sangamon  river 
there  will  be  one  span  of  one  hundred  and  seventy  feet,  built  on 
the  plan  of  McCallum's  patent  inflexible  arched  truss.  All  of 
the  bridges  will  be  built  of  the  very  best  materials,  and  in  the 
most  thorough  and  workmanlike  manner. 

CULVERTS,     TRESTLE     WORK,      PILING,     ETC. 

In  consequence  of  the  absence  of  building-stone  on  the  line 
of  the  road,  timber  structures  will  be  used  south  of  Pekin  ;  but 
in  all  cases  the  material  used  is  of  the  best  quality,  and  of  a  plan 


9 

to  substitute  stone  when  necessary  to  be  renewed.  There  will 
be  about  a  mile  and  a  half  of  pile  bridging  on  the  Illinois,  Mac- 
kinaw, and  Sangamon  river-bottoms,  and  several  pieces  of  trestle 
work,  built  on  pile  foundations,  in  Cass  and  Morgan  counties. 


SUPERSTRUCTURE. 

The  track  will  be  composed  of  "  T  "  rail,  weighing  fifty-four  to 
fifty-six  pounds  per  lineal  yard,  resting  upon  cross-ties  of  eight 
inches  face  for  intermediates,  and  twelve  inches  face  for  joint 
ties,  secured  by  chairs  of  wrought  iron,  and  the  whole  fastened 
with  heavy  spikes. 

All  the  materials  in  track  will  be  of  the  best  quality,  and 
laid  in  the  best  manner. 


PROGRESS     OF     THE     WORK. 

The  work  from  the  Peoria  and  Hannibal  Junction  to  Pekin  is 
far  advanced,  the  embankment  on  the  bottom  being  completed, 
and  the  pile  work  in  progress. 

There  are  four  piers  nearly  finished,  and  the  foundations  for 
the  balance  are  driven.  Coffer  dams,  foundation  timbers,  &c.,  are 
ready ;  and  nearly  the  whole  superstructure  of  the  bridge,  includ- 
ing the  drawbridge,  turn-table,  and  iron,  is  on  the  ground.  This 
portion  of  the  work  is  being  urged  forward  with  the  view  of 
making  early  connection  with  Peoria. 

South  of  Pekin  the  work  is  being  vigorously  prosecuted  in 
Tazewell  county.  In  Mason  county  the  road  is  ready  for 
track  with  exception  of  about  one  mile,  at  the  north  end 
of  the  county  and  at  Sangamon  river.  The  materials  for  the 
piling  and  bridges  at  Mackinaw  and  Sangamon  rivers,  are  being 
delivered  very  fast,  and  the  work  is  progressing  favorably. 
South  of  Sangamon  river,  between  Chandlerville  and  Virginia, 


10 

the  work  is  progressing  rapidly,  and  will  soon  be  completed  to 
Virginia.  From  Virginia  to  Jacksonville,  fifteen  miles,  no  work 
has  been  done  as  yet ;  but  the  surveys  for  final  location  are  made,, 
and  the  work  will  be  commenced  at  an  early  day. 

The  distances  through  the  several  counties  are  as  follows  : 

Peoria  County,  Illinois  River  Rail  Road,  .  .  ".  1.85  miles 

Tazewell  "  do  do     .  .   *  .     11.85     " 

Mason      "  do  do          .         -  .  '  «  36.57     " 

Cass          "  do  do  .  ,  .     15.21     " 

Morgan     "  do  do         ...  ..  9.42     " 


Total  Length  of  Road,       .  .  „  .          .  r  ,     74.90 

Peoria  and  Hannibal  R.  R.  Junction  to  Peoria,  .  7.61 


Total,  Peoria  to  Jacksonville,  .         ....       82.51 


Estimated  cost  from  P.  &  H.  Junction  to  Mason  County 

line,  N.  E.  Division,  ready  for  Ties,    .  .  .         $175,00000- 

Amount  of  Estimates  to  Sept.  1st,  1858,        .  ...  .       91,60500 


Remaining  to  be  done,      .          .          - ' .  .  „"'  '         $83,395  00 

Length  of  N.  E.  Division,  ....         13.70  miles 

There  is  completed,  ready  for  Ties,       .  .  .  6.00     " 


Remaining  to  be  done,       .....          7.70 


Estimated  cost  of  the  Road  in  Mason  County,  ready 

for  Ties,       •'.,_.             .             .             .             .  $120,000  00 

Amount  of  Estimates  to  Sept.  1st,  1858,        .             .  .      84,472  00 

Remaining  to  be  done,    .             «.            .             .             .  $35,528  00 


Length  of  Line  in  Mason  County,  .  .  .         36.57  miles 

There  is  completed,  ready  for  Ties,       .         .   ,  .  .  35.75     " 

Remaining  to  be  done,       .  .  .  .  .  0.82     "• 


11 

Estimated  cost  of  the  Road  in  Cass  Co.,  ready  for  Ties,  $133,000  00 

Amount  of  Estimates  to  Sept.  1st,  1858,  .             .               71,91300 

Remaining  to  be  done,         .            .  .            .            .       $61,087  00 

Length  of  Line  in  Cass  County,              .  .             .             15.21  miles 

There  is  completed  ready  for  Ties,    .  .            .            .        8.00     " 

Remaining  to  be  done,  .             .            .  .            .              7.21     " 


Estimated  cost  of  the  Road  in  Morgan  County,  ready 

for  Ties,  .  ..  .  .  .  .     $115,000  00 


Total  Estimated  cost  of  Road  to  Virginia,  sixty  miles,  ready 

for  Ties,      .             »            .             .             .             .  $405,000  00 

Total  Estimates  to  Sept.  1st,  1858,                        ' .             .  247,990  00 

Estimated  amount  remaining  to  be  done,             .             .  $157,010  00 

Total  distance  to  Virginia,   .....  60.27  miles 

Completed  ready  for  Ties,         .             .             ,             .  49.75     " 


Remaining  to  complete  Road  to  Virginia,  .  .  .         10.52     " 


Total  Estimated  cost  of  Road  to  Jacksonville,  ready  for  Ties,    $543,000  00 
Total  Estimates  to  Sept.  1st,  1858,          .  .  ..  •;         247,99000 


Remaining  to  be  done,      ,.-;'         .  .  .  .    $295,010  00 

Total  Length  of  Road,    .  .  .  ..          ...          74.90  miles 

Completed  ready  for  Ties,  %..  .  .   '  49.75     " 

Remaining  to  be  done,  .  .  .  .  25.15     " 


12 

ESTIMATE  OF  THE  TOTAL  COST  OF  THE  ILLINOIS  RIVER  RAILROAD,  FROM 
PEORIA  &  HANNIBAL  R.  R.  JUNCTION  TO  JACKSONVILLE,  COMPLETE, 
INCLUDING  BUILDINGS,  EQUIPMENTS,  <fec. 

Graduation. 

Clearing,  Grubbing,  Grading,  and  Bridging,  North  East- 
ern Division,  ......  $1 75,000 

Mason  County,  .  .  ,'          .  '.       120,000 

Cass  County,        .          "  .  '.         .  .  .  133,000 

Morgan  County,         .....       115,000 

$543,000 

Track  and  Materials. 

180,000  Cross  Ties,     50c.        .  ,         .             .             .  $90,000 
7,000  Tons  Iron,  2,240  pounds  per  ton,  54  pounds 

per  yard,     $55,           .              .             .  385,000 

48,000  Chairs,     35c.              .              .                           .  16,bOO 

200  Tons  Spikes,     $100,        .'          .             .  20,000 

50  Switches,  complete,     $75,     .         '  .";'  '          .  3,750 

81  Miles  Track  laying,     $320,         .             .  25,920^' 

8 1  Miles  Distributing  Materials,     $200,               .  16,200"' 

$557,670 

Equipments. 

8  Locomotive*,     $9,000,             .• .           .             .  $72,000 

10  Passenger  Cars,     $2,500,            " .             .             .  25,000 

5  Baggage  and  Mail  Cars,     $1,500,        .             .  7,500 

120  Freight  and  Box  Cars,     $625,        .             .             .  75,000 

8  Hand  Cars,     $75,        ....  600 

$180,100 

Station  Buildings,  Engine  Houses,  Turn  Tables,  Machine 

Shops,  Repair  Shops,  Tools  and   Fixtures,  Ware- 
houses, &c.,  complete,  from  Pekin  to  Jacksonville,        .  $60,000 
Right  of  Way  and  Depot  Grounds,     ....  10,000  J 
Engineering  and  contingencies,      ....                 25,000  *. 

Total  Cost  of  Road  complete,      .  .  .  .  $1,375,770 

Average  cost  per  mile,  complete,        ....  $18,300 

Average  cost  per  mile  of  graduation,      .  .  .  $7,200 

The  above  estimates  contemplate  first-class  work  and  equip- 
ments,  and  include  six  miles  of  side  tracks.    The  equipment 


13 

estimated  for,  is  larger  than  necessary  for  the  business  of  the  road 
when  first  opened,  and  may  be  reduced  by  taking  off  two  locomo- 
tives, two  passenger  cars,  one  baggage  and  mail  car,  and  twenty 
freight  cars,  which  would  make  a  reduction  in  estimated  expenses 
of  equipments  of  $37,000 

On  Station  Buildings,  Engine-houses,  &c.,  a  reduction 

may  be  made  at  first  of  .  .  $30,000 

Making  a  total  reduction  of    ..  .  .  . $67,000 

Which  would  reduce  the  total  cost  of  road,  complete, 

when  first  opened,  to  .....  $1,308,6*70 

And  the  average  cost  per  mile  to  .  .  ...  $17,450 

These  estimates  are  made  from  reliable  data ;  and  on  a  large 
portion  of  the  work  done,  final  measurements  are  included  in 
above  estimates.  It  is  believed  that  the  whole  cost  of  gradua- 
tion will  not  exceed  the  estimate. 

Iron  can  be  bought  for  cash,  at  the  present  time  for  about 
$44  to  $46  per  ton  in  New  York,  and  if  purchased  now,  would 
not  cost  much  over  $50  per  ton,  delivered  on  the  line  of  the 
road. 

The  items  of  station-houses,  &c.,  &c.,  include  all  necessary 
buildings  and  fixtures  for  the  complete  repairs  of  all  the  motive 
power  of  the  road,  cars,  &c.,  and  building  grain-houses  for 
storage. 

The  other  items  are  believed  to  be  liberally  estimated ;  and 
unless  some  contingency  arises,  wholly  unexpected  and  not  to  be 
foreseen,  the  total  cost  of  the  road  will  not  exceed  the  amount 
above  stated. 

RESOURCES      OF      THE      ROAD. 

To  pay  for  the  graduation  of  the  road,  estimated  as  above  at 
$543,000,  and  prepare  it  for  iron,  which  would  include  a  further 
expense  of  $90,000  for  cross  ties,  the  company  have  a  stock  and 
bond  subscription  as  follows  : — 


14 

Pekin  City  8  per  cent,  bonds,         .  .  .         $100,000 

Tazewell  County  and  Pekin  private  subscriptions,  103,000 

Mason  County  8  per  cent,  bonds,        .  .  .       100,000 

Havana  town  bonds,  8  per  cent.     .  .  .  15,000 

Private  subscriptions  in  Mason  County,  .  .         85,000 

Cass  County  8  per  cent,  bonds,      .  .  .  50,000 

Private  subscriptions  in  Cass  County,  .  .         97,000 

Morgan  County  6  per  cent,  bonds,  .  .  50,000 

$600,000 

The  private  subscriptions  in  Morgan  County  are  small  in  amount, 
no  exertions  having  yet  been  made  to  obtain  subscriptions, 
owing  to  the  unprecedented  panic  in  all  business  during  the 
past  year.  It  is  believed  that  with  the  present  flattering  pros- 
pects of  the  early  completion  of  this  road,  and  its  recognized 
importance  to  Morgan  County,  and  Jacksonville  particularly, 
a  subscription  can  be  raised  in  Morgan  County,  and  City  of 
Jacksonville,  of  ,•  .  .  >  .  ,  .  75,000 

Total,        .  .  .  $675,000 

Total  cost  of  Graduation,  including  Ties,        ».        .  ;-  •'      •  .'       633.000 

Leaving  a  surplus,  as  above,  of  .  .  .  $42,000 

It  will  be  seen  that  in  our  resources  are  included  $315,000  of 
county  and  town  bonds ;  $246,000  of  these  bonds  are  to  be  paid 
to  contractors  at  par,  which  leaves  the  company  $69,000  of  bonds 
to  dispose  of  outside  of  payments  to  contractors.  The  private 
subscriptions  amounting  to  $285,000,  exclusive  of  the  estimated 
subscription  in  Morgan  County,  are  divided  between  nearly  800 
individual  subscribers,  generally  farmers  on  the  line  of  the  road, 
who  took  stock,  not  simply  with  a  view  to  its  paying  them  back 
in  dividends,  but  also  securing  incidental  benefits  to  as  great  if 
not  greater  extent,  than  the  amount  of  their  subscriptions.  They 
are  all  able  to  pay ;  and  the  only  drawback  upon  collecting  at 
once  the  whole  amount  of  subscriptions  unpaid,  is  the  inability  of 
all  classes  to  meet  every  contingency  in  the  present  unprece- 
dented derangement  of  business  affairs. 

With  the  rigid  economy  that  has  been  used  in  every  depart- 
ment, and  the  fact  that  the  whole  community  on  the  line  of  the 
road  is  so  generally  and  deeply  interested  in  the  success  of  the 


15 

enterprise,  there  seems  to  be  no  reason  to  doubt  the  speedy  com- 
pletion of  the  road. 

The  work  on  this  road  has  been  pushed  forward,  at  a  time 
when  almost  every  other  road  in  progress  of  construction  has 
been  forced  to  suspend  operations  wholly,  or  greatly  curtail 
expenditures;  and  the  estimates  to  contractors,  amounting  at  this 
time  to  $242,000,  have  been  paid  in  full. 

With  these  facts  in  view,  no  one  can  doubt  the  ability  of  the 
Company  to  go  on  with  the  work  to  completion. 

Thus  far,  this  Company  have  issued  no  notes,  have  no  obliga- 
tions maturing  or  falling  due  other  than  the  monthly  estimates 
to  contractors  and  incidental  expenses,  and,  taking  all  the  facts 
and  circumstances  into  consideration,  presents  a  case  of  freedom 
from  financial  embarrassment  almost  unprecedented  in  the 
history  of  railway  construction  in  this  country.  Certainly,  when 
the  stockholders  and  friends  of  the  road  consider  what  has 
already  been  done,  in  pushing  forward  this  work  during  the  late 
panic,  more  general  and  disastrous  than  has  ever  occurred  since 
railways  were  first  commenced,  they  cannot  fear  for  the  result, 
but  should  take  fresh  confidence,  and  make  new  exertions  to 
meet  the  demands  upon  them. 

The  officers  of  the  Company  are  confident  that  the  resources 
from  subscriptions  will  complete  the  road,  ready  for  the  rails ;  and 
once  ready,  no  difficulty  will  be  found  in  procuring  iron. 

To  provide  for  the  purchase  of  iron,  equipments,  &c.,  mort- 
gage bonds  will  be  issued,  and  with  the  completion  of  the 
grading  and  providing  cross-ties  from  subscriptions,  there  is  no 
reason  to  doubt  that  the  iron,  <fec.,  can  be  obtained  with  the 
bonds. 

From  the  foregoing  facts  it  is  made  certain  that,  with  the 
completion  of  grading  and  providing  cross-ties,  the  iron,  &c.,  can 
be  obtained,  and  with  proper  exertion  the  whole  road,  as  far  as 
Virginia,  can  be  ready  for  the  rails,  and  the  track  laid  by 
May  1st,  and  completed  to  Jacksonville  by  September  1st,  1859. 


16 


CONNECTIONS     WITH     OTHER     LINES     OF     RAILROAD 
AND     THEIR     ADVANTAGES. 

The  Illinois  Kiver  Eailroad  will  form,  in  connection  with  the 
Peoria  and  Bureau  Yalley,  and  Rock  Island  Eailroads  on  the 
north,  and  the  Jacksonville,  Alton  and  St.  Louis  Railroad  on  the 
south,  a  through  line  from  Chicago  to  St.  Louis.  Also,  with  the 
proposed  connection  with  the  Jacksonville  and  Savanna  Railroad, 
an  air-line  road  from  Galena  to  St.  Louis. 

The  Peoria  and  Bureau  Valley  road  is  leased  by  the  Rock 
Island  Road,  making  one  line  from  Chicago  to  Peoria.  The  con- 
struction of  the  Illinois  River  Railroad,  cannot  fail  to  be  of  great 
value  to  the  Rock  Island  road,  being  in  fact  an  extension  of 
the  Peoria  and  Bureau  Yalley  road ;  and  it  will  be  one  of 
the  most  valuable  connections  to  the  Rock  Island  Road  that  could 
be  made. 

Large  amounts  of  freight  from  Chicago  and  points  on  the  dif- 
ferent lines  of  railroad  centering  at  Peoria,  take  the  river  at  that 
place  for  shipment  to  the  towns  on  the  Illinois  river  and  the  inte- 
rior of  the  bordering  counties.  With  the  completion  of  the  Illi- 
nois River  Railroad,  freights  from  any  connecting  roads  would 
not  have  to  be  transhipped  for  any  points  on  the  line  of  that  road ; 
but  could  be  taken  from  the  place  where  loaded  to  their  destina- 
tion without  breaking  bulk,  saving  charges  of  handling  and  stor- 
age. Supplies  of  coal,  stone,  merchandise,  &c.,  destined  for  the 
towns  and  interior  of  the  counties  on  the  line  of  the  road,  could 
be  forwarded  by  railroad-cheaper  than  in  any  other  way. 

A  large  amount  of  revenue  would  be  derived  from  the  trans- 
portation of  coal,  and  stone  for  building  purposes.  There  are 
several  fine  quarries  on  the  west  side  of  the  river  between  Peoria 
and  Pekin,  from  one  of  which  the  stone  is  obtained  for  the  railroad 
bridge  at  Pekin.  This  stone  is  of  fine  quality  and  could  be  advan- 
tageously shipped  by  the  railroad  to  the  various  points  on  its  line. 
There  is  no  stone  between  Pekin  and  Jacksonville,  fit  for  building 


17 

purposes ;  and  it  is  believed  that  these  quarries  would  give  a  large 
amount  of  business  to  the  road. 

Ice,  also,  would  be  an  article  of  transport.  At  present,  large 
quantities  of  ice  cut  at  Peoria  and  Pekin,  are  shipped  by  river 
to  St.  Louis  and  southern  points. 

By  shipping  this  ice  by  rail  a  saving  would  be  made,  not  only 
in  expense  of  boats  and  towage,  but  also  in  loss  from  melting,  as 
often  the  river  is  not  high  enough  to  take  the  ice  down  until  the 
spring  is  far  advanced. 

The  transportation  of  coal,  before  referred  to,  will  be  a 
source  of  great  revenue  to  the  road.  The  supply  is  inexhaust- 
able,  and  the  quality  equal  to  any  in  the  State. 

The  scarcity  of  wood-lands,  and  their  annually  increasing 
value,  render  it  certain  that  coal  must  be  substituted  for  wood 
to  the  largest  available  extent. 

By  this  road  the  best  stone-coal  could  be  taken  to  Jackson- 
ville, and  sold  there  for  twelve  cents  per  bushel ;  and  this  would 
secure  a  large  trade  without  any  competition.  When  this  trade 
is  opened  it  will  rapidly  increase,  and  prove  profitable  to  both 
consumers  and  shippers.  Shipments  of  grain  for  Chicago  and 
St.  Louis,  from  all  points  on  the  line  of  the  road,  would  be  made 
by  the  railroad  nearly  the  whole  of  the  year. 

From  Pekin  and  towns  on  the  river,  as  far  as  the  railroad 
would  come  into  competition  with  the  river,  the  charges  for 
transporting  wheat  to  St.  Louis  by  the  river,  at  a  good  stage  of 
water,  .has  averaged  for  a  series  of  years  from  seven  to  twelve 
cents  per  bushel ;  corn  from  five  to  ten  cents  ;  and  in  low  water, 
from  twelve  to  twenty-five  cents  per  bushel  for  wheat,  and  ten 
to  twenty  cents  per  bushel  for  corn.  From  St.  Louis  to  above 
points,  merchandise  is  shipped,  in  good  stage  of  water,  at  from 
twelve  to  twenty-five  cents  per  hundred  pounds,  and  in  low 
water,  from  twenty-five  to  seventy-five  cents.  The  results  upon 
the  great  lakes,  and  even  the  Erie  Canal,  where  the  uncertain- 
ties of  high  and  low  water  are  not  experienced,  warrant  us  in 


18 

believing  that  there  need  be  no  fear  of  successful  competition 
with  the  river  navigation.  The  Rock  Island  Railroad  has 
competition  with  the  Illinois  and  Michigan  Canal  for  eighty-two 
miles,  and  when  it  was  completed  for  100  miles  from  Chicago, 
its  freight  business  was  heavy,  and  its  receipts  were  over  $60,000 

per  month. 

The  average  length  of  the  season  of  navigation  on  the 
Illinois  River  for  the  past  six  years,  has  been  about  six  months 
in  the  year.  During  seasons  of  extremely  low  water,  and  in  the 
winter,  communication  by  river  and  canal  is  closed,  and  produce 
cannot  be  forwarded  with  reasonable  cost.  It  often  occurs  that 
for  a  long  time  the  river  is  too  low  for  making  shipments  of 
produce  when  the  market  is  good  and  prices  high,  and  the 
farmers  and  shippers  are  obliged  to  keep  their  grain,  &c.,  for 
weeks,  and  sometimes  months,  waiting  for  an  opportunity  to 
forward  their  produce  to  market ;  while  those  who  have  the 
facilities  of  railroad  communication  can  take  advantage  of  the 
markets  at  the  most  profitable  times,  and  save  large  amounts  in 
prices.  It  would  be  difficult  to  estimate  the  actual  loss  to  the 
farmers  of  the  counties  of  Tazewell,  Mason,  Cass,  and  Morgan, 
every  year,  from  inability  to  send  their  products  to  market  when 
the  demand  and  prices  are  greatest ;  but  it  is  believed  that  with 
the  facilities  the  construction  of  the  Illinois  River  Railroad  will 
afford,  the  actual  benefit  in  dollars  and  cents  from  these  facilities 
would  soon  amount  to  more  than  the  whole  individual  subscrip- 
tion to  the  road. 

With  increase  of  facility  for  disposing  of  products,  will  also 
increase  their  amount ;  large  tracts  of  land,  now  unimproved, 
will  be  put  under  cultivation  ;  and  from  the  invariable  result 
attending  the  construction  of  railroads  in  the  "Western  States,  the 
value  of  property,  whether  in  town  or  country,  will  be  immensely 
increased. 

As  a  through  line  from  Chicago  to  St.  Louis,  it  is  not  claimed 
that  in  distance  this  line  will  be  shorter  than  any  other,  for  it 


19 

exceeds  considerably  the  length  of  the  Chicago,  Alton,  and  St. 
Louis  Railroad ;  but  from  its  light  grades,  great  proportion  of 
straight  line,  unsurpassed  quality  of  road-bed,  with  new  iron, 
new  equipment,  and  passing  through  so  many  places  of  business 
importance,  it  is  claimed  that  a  large  share  of  all  through  freight 
and  passenger  business  would  take  this  line  between  Chicago  and 
St.  Louis.  The  time  could  be  made  on  this  route  as  quickly  as 
by  any  other  between  the  two  points ;  and  occupying,  as  it  will, 
the  middle  of  the  chain,  the  Illinois  River  Railroad  would  have 
the  influence  of  connecting  roads  in  its  fullest  sense  to  create 
and  obtain  business. 

Chicago  and  St.  Louis  must  ever  be  the  great  centers  of  busi- 
ness for  the  West ;  and  any  line  of  railroad  giving  direct  commu- 
nication between  these  places  must  necessarily  derive  a  large 
amount  of  business  from  them  direct.  To  show  that  the  Illinois 
River  Railroad  is  so  situated  as  to  command  a  large  share  of 
this  business,  it  is  only  necessary  to  refer  to  the  map  accompany- 
ing this  report. 

At  Peoria,  a  connection  will  be  made  with  the  Peoria  and 
Oquawka  Railroad,  extending  from  Peoria  by  way  of  Galesburg 
to  Burlington,  on  the  Mississippi  river.  This  must  prove  a 
valuable  connection  to  the  Illinois  River  road. 

At  the  Bluffs,  two  miles  from  Pekin,  connection  is  made  with 
the  Peoria  and  Hannibal  Railroad  running  from  Peoria  to  Han- 
nibal, Missouri.  This  road,  for  many  miles  from  the  Junction, 
passes  through  the  coal  and  stone  region  previously  referred  to. 

At  Pekin,  a  connection  will  be  made  with  the  Wabash  and 
Mississippi  Railroad,  to  be  built  from  Lafayette,  Indiana,  to  Keo- 
kuk  and  "Warsaw,  on  the  Mississippi  river.  The  Peoria  and  Han- 
nibal, and  Wabash  and  Mississippi  roads,  are  in  progress  of  con- 
struction. 

The  Jacksonville  and  Savanna  Railroad  will  probably  connect 
with  the  Illinois  River  road,  at  or  near  Havana.  This  road  is 
under  contract  from  Liverpool,  on  the  Illinois  river,  ten  miles 


20 

north  of  Havana,  to  Lafayette  in  Stark  County,  a  distance  of 
fifty-two  and  a  half  miles,  crossing  the  Peoria  and  Oqnawka  Kail- 
road  at  Yates  city,  and  will  cross  the  Chicago,  Burlington,  and 
Quincy  Railroad,  at  Galva  or  Kewanee.  From  one  or  the  other 
of  these  points  it  will  be  built  to  Galena  by  way  of  Fulton  and 
Savanna.  An  amendment  to  its  charter  extending  the  line  to 
Galena,  authorizes  the  use  of  the  grading  done  on  the  line  of  the 
old  Illinois  Central  Railroad,  under  the  internal  improvement 
system  of  1836-7.  From  Galena,  a  road  is  proposed  to  Prairie 
du  Chien,  thus  making  the  shortest  line  of  railway  between  these 
points  and  St.  Louis  that  can  ever  be  made. 

With  the  arrangements  perfected,  now  contemplated  by  the 
Jacksonville  and  Savanna  Railroad,  there  would  be  but  about 
thirty  miles  of  road  to  be  provided  for  between  Liverpool  and 
Fulton  on  the  Mississippi  river.  Between  Liverpool  and  Galena 
this  line  will  cross  four  completed  lines  of  east  and  west  road, 
and  three  in  progress  of  construction. 

The  present  traveled  routes  between  St.  Louis  and  Galena, 
give  a  distance  of  nearly  four  hundred  miles  by  river,  and  three 
hundred  and  fifty-seven  miles  miles  by  railroad.  By  this  line  of 
railway,  the  distance  would  be  less  than  three  hundred  miles. 
The  Rock  Island  and  Peoria  Railroad  is  completed  for  12  miles 
from  Rock  Island,  in  the  direction  of  Galva,  so  that  the  building 
of  that  portion  of  the  Jacksonville  and  Savanna  road  between 
Havana  and  Galva  or  Kewanee,  would  leave  but  about  thirty 
miles  to  be  built  between  Rock  Island  and  the  latter  points,  to 
make  almost  an  air-line  road  from.  St.  Louis  to  Rock  Island.  The 
proportional  saving  in  distance  between  Rock  Island  and  St. 
Louis,  by  this  line  would  be  about  the  same  as  shown  above 
between  St.  Louis  and  Galena. 

With  a  line  of  railway  in  operation  from  St.  Louis  to  Galena, 
avoiding  the  delays  and  dangers  of  river  navigation,  and  saving 
nearly  one  fourth  of  the  entire  distance,  running  through  so 
fertile  and  productive  a  portion  of  the  State,  no  one  can  doubt 


21 

that  this  whole  line  of  road  from  St.  Louis  to  Galena,  when  its 
northern  and  western  connections  are  perfected,  will  have  an 
immense  amount  of  business  from  Northern  Illinois,  Iowa,  and 
Minnesota,  in  addition  to  the  local  business  that  its  position  would 
be  sure  to  command.  Leaving  the  river  at  Fulton,  there  would 
be  no  competition  for  way  and  local  business,  and  no  rival  line 
could  ever  be  built  that  would  afford  so  direct  and  cheap  a  route 
from  St.  Louis  and  the  South,  to  Galena  and  the  Northwest.  This 
line  would  pass,  for  a  long  distance,  through  the  famous  "  Mil- 
itary Tract,"  and  the  surrounding  country,  for  nearly  its  whole 
length,  is  of  superior  quality  for  agricultural  purposes.  Refer- 
ence to  the  map  accompanying  this  report,  will  satisfactorily 
illustrate  the  advantages  of  this  connection. 

At  Jacksonville,  the  southern  terminus  of  the  Illinois  River 
Railroad,  a  connection  is  made  with  the  Jacksonville,  Alton,  and 
St.  Louis  Railroad,  sixty  miles  in  length,  passing  through  Man- 
chester, Whitehall,  Carrolton,  and  Jerseyville,  to  Alton,  on  the 
Mississippi  river.  From  Alton  to  St.  Louis,  the  railroad  connec- 
tion is  perfected.  From  a  recent  report  of  the  Jacksonville,  Alton, 
and  St.  Louis  Railroad,  we  learn  that  the  road  is  progressing 
rapidly,  and  there  will  probably  be  thirty  miles  of  track  laid 
from  Jacksonville  to  Whitehall,  this  season,  and  the  whole  road 
will  probably  be  completed  to  Alton  by  the  time  the  Illinois 
River  Railroad  is  completed  to  Jacksonville.  With  this  connec- 
tion made  and  both  roads  in  operation,  the  most  skeptical  cannot 
fail  to  see  that  this  line  of  road  from  St.  Louis  to  Chicago,  as  a 
whole  or  in  its  separate  links,  will  inevitably  do  a  large  business, 
and  presents  as  favorable  prospect  of  being  a  "  paying  stock  "  as 
any  railroad  in  the  State. 

A  connection  will  be  made  at  Jacksonville  with  the  Great 
Western  Railroad  of  Illinois,  extending  from  the  Indiana  State 
line  to  Naples  on  the  Illinois  river. 

By  reference  to  tabular  statements  of  population,  value  of 
real  and  personal  estate,  &c.,  attached  to  this  report,  we  find  that 


22 

the  counties  through  which  the  Illinois  River  Railroad  passes, 
present  larger  averages  of  population  and  wealth  than  those  on 
any  other  line  of  railroad  in  the  State.  They  have,  with  excep- 
tion of  Mason,  which  is  comparatively  a  new  county,  been  long 
settled,  are  all  rich  and  prosperous,  yet  capable  of  almost  indefi- 
nite extension  and  increase  in  business  and  products  ;  and  as  yet 
but  two  of  them  have  had  any  facilities  of  railroad  communica- 
tion. Should  the  result  of  building  this  road,  in  business  and 
receipts,  compare  with  other  roads  in  this  State,  in  proportion  as 
the  averages  of  these  counties  to  the  counties  on  other  lines  of 
railroad,  it  would  fully  meet  the  expectations  of  the  most  san- 
guine friends  of  the  enterprise.  When  the  Galena  and  Chicago 
Railroad  was  commenced,  an  estimate  of  its  probable  revenue 
and  business  was  made,  and  by  many  considered  preposterous  in 
its  magnitude ;  but  in  two  months  only,  of  the  year  1852,  the 
amount,  in  tons,  of  one  article  of  freight,  exceeded  the  estimated 
amount  of  all  kinds  for  a  year.  The  estimated  receipts  of  the 
whole  line,  from  Chicago  to  Galena,  were  $393,000  ;  and  in  1857 
the  actual  receipts  were  $2,117,900,  including  the  Dixon  Air 
Line,  in  all  two  hundred  and  fifty-nine  miles. 

It  is  not  asserted  that  the  Illinois  River  Railroad  will  do  as 
large  an  amount  of  business,  in  proportion,  as  the  Galena  road ; 
should  it  do  so,  the  receipts  in  one  year  would  be  over  $600,000 ; 
but  from  the  actual  results  of  the  building  of  different  railroads 
in  this  State,  we  can  approximate  nearly  to  expected  results  in 
particular  cases,  giving  due  allowance  to  difference  in  position  of 
roads,  their  capacity  and  availability  for  business  requirements, 
and  the  characteristics  of  the  country  through  which  they  pass. 

In  the  year  1852,  there  were  but  ninety-five  miles  of  com- 
pleted railroad  in  the  State  of  Illinois ;  at  this  time  there  are  in 
operation  nearly  three  thousand  miles,  and  many  roads  in  prog- 
ress, nearly  all  of  which  are  on  a  basis  that  insures  their  com- 
pletion at  an  early  date. 

Immense  tracts  of  land  have  been  opened  and  brought  into 


23 

'Cultivation  that  without  railroads  would  have  remained  for  years, 
perhaps  ages,  unproductive.  Towns  and  cities  have  sprung  up 
as  by  magic.  The  resources,  wealth,  and  importance  of  the  State 
increased  so  immensely  that  the  mind  can  scarcely  imagine  what 
has  already  been  done  by  railroads,  much  less  foresee  the  future 
results  when  all  these  enterprises  shall  have  arrived  at  maturity, 
and  given  to  the  State  and  the  world  their  whole  fruition.  It  is 
almost  needless  to  go  into  argument  to  prove  what  will  be,  for 
what  has  been  done  can  be  seen,  and  affords  almost  proof  posi- 
tive of  results  yet  to  be  accomplished.  It  is  sufficient  for  our 
purpose,  to  suggest  examination  and  inquiry,  confident  that  the 
result  will  render  any  labored  argument  unnecessary. 


DESCRIPTION,  STATISTICS,  ETC.,  OF  THE  COUN- 
TIES AND  TOWNS  ON  THE  LINE  OF  THE  ILLINOIS 
EIVEE  RAILROAD. 

The  following  statistics  were  obtained,  in  nearly  every  case, 
from  the  county  and  town  authorities,  and  are  virtually  official. 
When  any  other  than  these  were  needed,  the  facts  were  obtained 
from  business  men  and  others  conversant  with  the  actual  amounts 
of  the  various  products,  shipments,  prices,  &c. ;  and  in  every  case 
the  figures  are  rather  under  than  over  stated. 

PEORIA,  virtually  the  northern  terminus  of  the  Illinois  Kiver 
Railroad,  is  situated  on  the  Illinois  river,  and,  with  exception  of 
Chicago,  is  the  largest  city  in  the  State.  The  population  is  about 
twenty  thousand,  and  the  city  is  rapidly  increasing  in  wealth  and 
importance.  Several  lines  of  railroad  center  here ;  and  when  her 
railway  system  is  perfected,  Peoria  must  inevitably  be  a  place  of 
great  importance.  Some  of  the  statistics  of  this  city  for  1857, 
are  as  follows : 


24 

Shipments  of  corn  (bushels)      .;  .  .     2,000,000 

No.  of  barrels  flour  :.-  .  .  84,000 

"       hogs       .         '    ..  *,.'          .  .-».'      30,000 

"       tons  coal      V.  .  .  80,000 

"       ft.  B.  M.  lumber  .  .  .  16,000,000 

"   .  bushels  oats  _•  '          .  .  400,000 

Value  of  lard  .....        $90,000 

No.  of  bushels  barley  ,  «  .  20,000 

"  "      wheat      ....        650,000 

"       tons  bulk  pork          .  .  .  500 

"       gallons  -whiskey  .  '          .  .       5,000,000 

The  aggregate  value  of  the  business  of  1857,  was  nearly  six  and 
one-half  millions  of  dollars. 

The  bluffs  on  the  west  side  of  the  river  in  Peoria  county, 
extending  for  nearly  thirty  miles,  afford  the  best  quality  of  stone 
coal  and  good  building  stone,  and  the  railroad  passes  directly  by 
the  entrances  to  several  of  the  best  mines.  All  the  coal  and  stone 
wanted  for  the  counties  and  towns  on  the  line  of  the  Illinois  River 
Railroad,  would  naturally  pass  over  the  road,  and  would  prove  a 
large  item  in  the  receipts. 

TAZEWELL     COUNTY. 

Tazewell  county  is  one  of  the  richest  counties  in  the  State, 
and  produces  large  quantities  of  grain.  The  soil  is  productive 
and  the  county  steadily  increasing  in  wealth  and  business.  From 
accurate  returns  of  the  statistics  of  this  county  for  the  year 
ending  April  1st,  1858,  we  gather  the  following  items : 

Valuation  of  real  and  personal  property        .    $11,500,000 
No.  of  acres  land  in  county 

"          "      "    in  cultivation 

"          "•    timber  land 

"  "     unimproved  prairie  land          '  .. 

"       inhabitants  .  .          '..' 

Value  of  manufactures 


25 

No.  of  bushels  corn  raised        .  .                 5,500,000 

"           "        wheat  do.       .             .  .         1,800,000 

"           "        oats     do.             .  .                   122,000 

"           "        barley  do.       .             .  .              14,000 

"           "        coal  mined  ia  county  .                 2,800,000 

Nearly  one-half  the  shipments  of  grain,  &c.,  from  Tazewell 
county  are  made  from  Peoria,  which  is  not  included  in  the  state- 
ment of  business  from  which  the  traffic  estimated  to  be  done  by 
this  road  is  made. 

PEKIN,  county  seat  of  Tazewell  county,  is  situated  on  the  east 
side  of  the  Illinois  river,  at  the  head  of  an  extensive  valley  run- 
ning south  to  the  Sangamon  river,  and  averaging  twenty  miles 
in  width.  This  place  is  fast  increasing  in  wealth  and  importance, 
and  will  give  a  large  amount  of  business  to  the  road.  The  city,  in 
her  corporate  capacity,  subscribed  $100,000  to  the  stock  of  the 
road,  and  the  private  subscriptions  in  the  city  and  county,  amount 
to  over  $103,000.  The  number  of  individual  subscribers  is  over 
three  hundred,  which  evidences  the  general  interest  of  the  people 
in  the  road. 

Some  of  the  statistics  of  Pekin  for  1857,  are  as  follows: 

Population         .             .          .   ,  •*/.',!         .            4,000 

Valuation  of  real  and  personal  property       .          $1,200,000 

Value  of  manufactures              .  .            .      $650,000 

Ft.  of  B.  M.  lumber  imported  .          '  .           5,000,000 

No.  of  hogs  packed      .           ' .  .  '         .'         10,000 

"       bushels  corn  shipped  .-           .'         1,500,000 

"          "       barley     "            .  .  .            .  J.        6,000 

"           "       wheat     "      .  .'           *.             350,000 

"       barrels  flour  manufactured  .             .          21,000 

"          "      whiskey         "  .            V  "            18,000 

Value  of  merchandise  imported  .             .      $550,000 

No.  of  bushels  coal               .  .         ;.....        1,000,000 

The  Illinois  River  Railroad  will  give  to  Pekin,  and  a  large 
portion  of  Tazewell  county,  a  means  of  transport  for  their  products, 


26 

that  have  often  been  almost  sacrificed  by  inability  to  get  them  to 
market  at  the  proper  time.  The  present  season  has  shown  the 
value  of  this  means  of  transportation,  as  large  amounts  of  grain, 
which  would  have  been  shipped  from  Tazewell  county,  have  been 
kept  from  market  by  the  extreme  high  water  of  the  creeks  and 
rivers,  making  it  impossible  to  get  to  a  shipping  point  with  pro- 
ducts. The  amount  lost  in  this  season  alone  by  the  farmers  of 
this  county,  from  inability  to  take  advantage  of  the  market,  would 
much  more  than  pay  the  interest  on  the  cost  of  the  road  in  Taze- 
well county. 

MASON     COUNTY. 

Mason,  although  comparatively  a  new  county,  is  rapidly 
increasing  in  population  and  wealth.  The  general  character  of 
the  soil  is  sandy  loam,  especially  adapted  to  the  growing  of  corn 
and  grain  generally.  Some  of  the  most  fertile  lands  in  the  State 
are  in  this  county,  on  the  Sangamon  bottoms.  It  has  been 
believed  by  some,  that  near  the  river  the  general  character  of  the 
lands  is  sandy  and  worthless  for  cultivation ;  but  the  proportion  of 
sand-ridges  so  called,  is  in  reality  small,  and  large  tracts  are  at 
this  time  being  cultivate,  dand  prove  highly  productive,  that  were 
considered  worthless  by  careless  observers  but  a  few  years  since. 
The  line  of  the  road  traverses  this  county  from  north  to  south,  a 
distance  of  36.57  miles,  striking  the  river  at  Havana  and  Bath. 

Mason  county  has  subscribed  $100,000  to  the  stock  of  the  Illi- 
nois River  Railroad,  and  this  amount  comprises  all  her  indebted- 
ness. Fifty-six  thousand  acres  of  "  swamp  lands"  are  owned  by 
the  county,  and  these  will  be  brought  into  market  for  sale  at  an 
early  day,  and  being  almost  wholly  of  superior  quality  for  agricul- 
tural purposes,  will  command  a  high  price.  The  whole  property 
and  revenues  of  the  county  are  pledged  for  the  payment  of  the 
bonds  above  mentioned  ;  and  the  county  authorities  have  signified 
their  intention  of  redeeming  the  bonds  long  before  maturity,  from 
the  proceeds  of  the  sale  of  the  ';  swamp  lands." 


27 

The  town  of  Havana  has  subscribed  $15,000  to  the  road,  in  her 
corporate  capacity,  and  the  individual  subscriptions  in  the  county 
amount  to  $85,000,  divided  among  over  three  hundred  stock- 
holders. 

The  statistics  of  Mason  county  for  the  year  1857,  are  as  fol- 
lows: 

Population        .  14,000 

Valuation  of  real  and  personal  property,  185*7,  $2,517,428 

"             "                 "                 "         1852,  $997,114 

Increase  in  five  years    ....  $1,520,314 

No.   of  acres  "swamp   lands,"  owned    by   the 

county,  worth  at  least  $4  per  acre                .  56,000 

No.  of  square  miles  in  county       .            .  500 

"       acres  of  land                 .             . :           .  320,000 

"          "     in  cultivation            .             .  130,000 

"          "     of  unimproved  land        ..          :  .;  130,000 

"          "     timber  land             '  ,            .  60,000 

"       bushels  wheat  raised     .          „  .             .  •'  900,000 

"           "       corn       do.             .          '  .  2,400,000 

"           "       grain  shipped               .         over  2,000,000 

HAVANA,  county  seat  of  Mason  county,  is  situated  on  the  Illi- 
nois river,  thirty-one  miles  south  of  Pekin.  It  is  fast  increasing 
in  population  and  wealth,  and  is  a  shipping  point  of  considerable 
importance. 

The  statistics  of  Havana  for  1857,  are  as  follows: 

Population       .  .          .         :  .,-  ...-.,.  -»            1,400 

Valuation  of  real  and  personal  property  .  $283,000 

No.  of  bushels  wheat  shipped  .  ..  .        350,000 

"           "        corn      do.  .  .                700,000 

"           "        other  grain  do.  .  .          50,000 

"       ft.  B.  M.  lumber  imported  . .  4,000,000 

Value  of  manufactures              .  ...  .       $100,000 

"       pork  packed  and  shipped  .  $50,000 

"       flour  and  other  produce  .  .        $50,000 

BATH,  situated  on  the  Illinois  river,  nine  miles  south  of  Ha- 


28 

vana,  is  also  a  place  of  considerable  trade  and  importance.  Some 
of  the  statistics  for  1857,  are  as  follows  : 

Population        .                          .  .             .               900 

No.  of  bushels  wheat  shipped          .  .               100,000 

"           "        corn        do.  .             .  '    500,000 

"           "        oats,  rye,  &c.,  &c.  .               100,000 

Value  of  merchandise  imported  .             .     $150,000 

No.  of  feet  B.  M.  lumber  imported  .             2,000,000 

There  are  at  Bath  two  steam  flour-mills,  two  saw-mills,  and 
several  other  factories  of  different  kinds. 

Several  towns  have  been  laid  out  on  the  line  of  the  road  in 
Mason  county,  that  will  be  of  considerable  size  and  importance, 
and  give  large  amounts  of  business  to  the  road.  A  large  increase 
in  the  products  of  the  county  will  be  caused  by  the  improvement 
of  over  fifty  thousand  acres  of  "  swamp  lands,"  before  referred  to. 
These  lands  are  of  superior  quality,  and  when  sold  will  be  eagerly 
sought  for  by  the  farmers  of  this  and  neighboring  counties.  There 
are  also  eighty  thousand  acres  of  other  now  unimproved  lands, 
large  portions  of  which  are  being  brought  into  cultivation ;  and  in 
a  few  years  the  products  of  this  county  will  be  more  than  doubled. 

CABS      COUNTY. 

Cass  is  a  very  fine  and  rich  agricultural  county,  equal  to  any 
in  the  State  for  grain,  grass,  and  stock  raising.  It  is  rapidly 
increasing  in  population  and  wealth,  and  will  be  greatly  benefited 
by  the  construction  of  this  road. 

The  statistics  of  Cass  county,  for  1857,  are  as  follows : 

Population         .....  11,000 
Assessed  valuation  of  real  and  personal  property 

in  1852              ....  $1,521,200 

Ditto,                     do.                     do.            1857  $3,203,631 

Increase  in  five  years     ....  $1,682,431 

Number  of  square  miles  in  county               .  390 


29 


Number  of  acres  of  land         .            .            v  251,600 

"              "             "    in  cultivation         ../.-  130,000 

"              "     timber  land      .  J,       .-.  80,000 

"     unimproved  prairie  .          "  .  40,000 

"      bushels  corn  exported     .          '  .             ;  900,000 

"           "       wheat    do.      .             .         ;  '..:••  250,000 

"           "       other  grain  do.    .  .  .     350,000 

"       hogs  sold      .             .             .             .  35,000 

"      head  fat  cattle  sold          .  .         "  .'-'      5,000 


This  county  lias  no  indebtedness  excepting  $50,000  subscribed 
to  the  stock  of  the  Illinois  KiverKailroad.  The  individual  subscrip- 
tions amount  to  nearly  $100,000,  and  the  number  of  stockholders 
is  over  two  hundred.  The  county  is  largely  interested  in  stock 
raising,  and  a  large  amount  of  business  would  be  done  by  the  road, 
when  completed,  in  forwarding  pork  and  cattle  to  market,  that 
are  now  driven  to  the  river,  and  to  other  roads,  to  find  a  shipping 
point. 

CHANDLERVILLE,  two  miles  south  of  Sangamon  river,  is  a 
flourishing  and  beautiful  place  of  about  four  hundred  inhabitants. 
In  1857,  there  were  shipped  from  this  place  thirty  thousand 
bushels  of  grain :  five  thousand  hogs  were  packed,  about  one 
million  feet  B.  M.  of  lumber  used ;  $20,000  of  manufactures,  and 
$75,000  worth  of  merchandise  imported.  From  the  position  of 
this  town,  all  its  business  of  travel,  import  and  export,  would  be 
done  by  the  railroad,  and  the  town  increase  rapidly  in  popula- 
tion and  wealth. 

VIRGINIA  has  a  population  of  about  six  hundred ;  it  is  one  of 
the  pleasantest  situations  in  the  State ;  is  in  the  center  of  the 
county,  and  the  heart  of  a  rich,  extensive,  and  well-improved 
agricultural  region ;  and  with  the  facilities  of  railroad  communi- 
cation would  be  a  place  of  considerable  importance.  There  are 
one  college  and  several  other  educational  institutions  located  here. 
BEAKDSTOWN,  county  seat  of  Cass  county,  situated  on  the 
Illinois  river,  from  its  position,  has  been  the  business  town  of  the 


30 

county;  and  produce  from  all  parts  of  the  county  collects  at 
this  point  for  shipment.  Nearly  all  the  forwarding  business  of 
Cass  county  now  done  by  the  river,  would  be  done  by  the  Illinois 
River  Railroad  when  completed,  occupying,  as  it  does,  the  center 
of  the  county,  and  by  which  the  hauling  of  grain,  &c.,  and  driv- 
ing stock  over  miles  of  heavy  sand-ridges  near  the  river,  would 
be  avoided.  A  large  portion  of  the  products  of  Cass  county, 
shipped  from  Beardstown,  crossed  the  line  of  the  Illinois  River 
Railroad  to  reach  a  shipping  point.  Some  idea  of  the  amount  of 
this  business  may  be  formed  from  the  following  statement  of  some 
of  the  exports  of  Cass  county  from  Beardstown  in  the  year  1857  : 

No.  of  hogs  shipped  .  '  '.  .  .  30,000 

"  hams  cured  . .  .  ,  ,  .  99,000 

"  bushels  wheat  shipped  .  j£;  .  200,000 

"  "  corn  do.  ..'.  ./  750,000 

"  "  oats  do.  :.  •"  -.:  .;  275,000 

"  pounds  lard  .  -.  .  600,000 

Aggregate  value  of  business,  1857  .    >         .  $2,246,595 

It  should  be  borne  in  mind  that  the  year  1857  was  a  year  of 
"  panics  "  in  business  throughout  the  country ;  and  that,  generally, 
comparisons  made  from  all  business  statistics  for  that  year,  are 
not  as  favorable  as  if  drawn  from  the  statistics  for  several  years 
previous. 


MORGAN       COUNTY. 

Morgan  county  is  one  of  the  richest  counties  in  the  State,  in 
wealth  and  products.  Great  quantities  of  grain  are  raised,  and 
stock  raising  is  carried  on  to  a  great  extent.  Our  statistics  of 
this  county  are  not  as  detailed  and  minute  as  could  be  wished ;  but 
it  is  known  that  there  are  few  counties  in  the  State  that  combine 
so  many  elements  of  wealth  and  developed  resources  as  Morgan. 


31 

From  statements  for  the  year  1857,  it  appears 
that  the  valuation  of  real  and  personal  prop- 
erty in  the  county  is  .  .  '  $6,932,614 

Population  in  1850  was   .  .  •.  16,064 

"  1857      .  .  .         ....        25,000 

It  is  estimated  that  during  the  year  1858  there  will  be  shipped 
from  this  county  fifty  thousand  hogs,  and  over  twelve  thousand 
head  of  fat  cattle.  The  farmers  of  Morgan  county  purchase  large 
numbers  of  stock  cattle  from  the  adjoining  counties  in  the  fall  of 
each  year,  and  feed  them  for  the  ensuing  spring  and  summer 
markets. 

Large  quantities  of  corn  and  wheat  are  raised  and  shipped 
from  this  county,  the  statistics  of  which  we  have  been  unable 
to  obtain ;  but  it  is  safe  to  set  them  down  as  larger  than  for  Cass 
county. 

Morgan  county  subscribed  $50,000  to  the  stock  of  the  Illinois 
River  Railroad ;  and  the  private  subscriptions,  though  small  in 
amount,  we  are  sanguine  of  increasing  to  $75,000,  when  it  becomes 
evident,  as  it  must,  to  the  citizens  of  Jacksonville  and  Morgan 
county,  that  the  Illinois  River  Railroad,  with  its  connecting  link, 
the  Jacksonville,  Alton,  and  St.  Louis  Railroad,  will  be  the  most 
valuable  public  work  that  could  be  engaged  in  for  the  business 
and  wealth  of  both  that  city  and  county. 

JACKSONVILLE  is  one  of  the  pleasantest  and  most  beautiful 
places  in  the  West,  and  bids  fair  to  be  one  of  the  most  important 
in  size  and  wealth.  The  State  has  located  here,  .a  Deaf  and 
Dumb  Asylum,  Asylum  for  the  Blind,  and  Insane  Asylum.  There 
are  also  four  colleges  and  seminaries,  and  several  fine  schools,  all 
costly  and  splendid  structures.  From  the  statistics  for  1857  we 
gather  the  following  items  : 

Population  in  1857        .             .             .  •  .'          7,500 

Valuation  of  real  and  personal  property  .         $2,000,000 

Value  of  merchandise  sold          .             .  .     $600,000 

Number  of  bushels  wheat  shipped         .  .         160,000 


32 

Number  of  hogs  ,  .  .  .        22,770 

Feet  B.  M.  lumber  imported  .  .          4,500,000 

No.  of  barrels  flour  exported  T  V  '         .  « .         8,000 

There  are  two  founderies  and  machine  shops,  three  steam 
flour-mills,  one  oil-mill,  one  woolen-factory,  and  three  banking 
houses. 

The  progress  of  Jacksonville,  when  the  proposed  system  of 
railroads  centering  there  is  perfected,  will  be  rapid  ;  and  her 
position,  the  character  of  her  people,  and  the  excellence  of  her 
institutions,  will  make  her  one  of  the  most  important  places  in 
the  State. 

'  The  following  tabular  statements  of  population  and  valuation 
of  real  and  personal  property,  of  the  different  counties  traversed 
by  the  various  lines  of  railroad  in  the  State  of  Illinois,  are  com- 
piled from  statistics  published  by  the  Auditor  and  Secretary  of 
State.  As  many  of  the  roads  mentioned  are  east  and  west  roads, 
with  connecting  lines  both  east  and  west,  the  relative  proportions 
of  averages  would  not  be  fairly  applied  if  used  to  show  through- 
business  ;  but  for  local  and  way  business,  both  freight  and  passen- 
ger, they  will  serve  as  an  approximate  basis  from  which  to  j  udge 
of  the  relative  merits  of  lines  in  progress,  in  these  respects.  Taking 
from  the  aggregates  of  population  and  valuation,  that  of  Cook 
county,  which  gives  a  more  equal  representation  to  those  lines 
which  do  not  derive  business  direct  from  that  county,  it  will  be 
seen  that  the  valuation  and  population  of  the  counties  through 
which  the  Illinois  River  Railroad  passes  (Peoria  to  Jacksonville) 
show  larger  averages  than  for  any  other  line  of  road  in  the  State, 
and  that  the  next  highest  averages  are  found  on  the  direct  con- 
necting lines. 

The  through  lines  from  Chicago  to  St.  Louis  compare  as  fol- 
lows: by  way  of  Peoria  exceeding  the  averages  by  way  of 
Springfield  in  population  over  twenty  per  cent.,  and  in  valuation 
about  ten  per  cent.,  this  including  Cook  county ;  but  the  portion 
of  the  line  from  Peoria  to  Jacksonville  largely  exceeding  the 
average  of  the  whole  line. 


33. 


In  the  tabular  statements,  where  several  lines  of  railroad  pass 
through  the  same  county,  the  same  aggregates  are  made  use  of 
for  each  road ;  and  as  the  local  and  way  business  is  necessarily 
divided  between  several  roads  in  many  of  the  counties,  we  can 
claim  that  the  average  of  the  counties  through  which  the  Illinois 
River  Railroad  passes,  and  which  have  no  other  line  of  railroad 
to  support  or  use,  may  be  fairly  applied  to  estimate  the  probable 
business  of  the  Illinois  River  Railroad  in  comparison  with  the 
averages  of  other  lines  of  road  completed,  so  far  as  regards  the 
local  and  way  business. 

There  is,  to  be  sure,  the  river  to  compete  with  for  a  portion  of 
the  distance,  and  a  portion  of  the  year ;  but  this  competition,  it  is 
confidently  believed,  will  not  affect  materially  the  comparison 
now  made  ;  and,  from  the  invariable  result  of  the  creation  and 
increase  of  business  from  the  construction  of  railroads,  but  a' 
short  time  will  elapse  before  the  present  data  for  calculation  and 
comparison  will  be  far  too  limited  in  extent. 

STATEMENT 

Showing  the  population  of  the  counties  through  which  the  lines  of  rail- 
road named  below  run,  according  to  the  census  of  1855  ;  and  compar- 
ison of  average  population  per  mile  of  road  on  the  several  lines. 


lane  of  Railroad. 

Length 
of 
road. 

Miles. 

Population  ol 
Counties, 
1855. 

Average 
per  mile 
of  road. 

Average, 
after  de- 
ducting 
pop.  of 
Cook  Co. 

From  Chicago  to  St.  Louis  via  Peoria  
"    Peoria  to  St.  Louis  

327 
167 

340,910 
135,380 

1,042 
820 

732 

820 

"     Chicago  to  Peoria  

160 

235,664 

1,473 

826 

"     Peoria  to  Jacksonville,  111.  Riv.  R.  R. 
"     Chicago  to  Rock  Island  

82 
182 

81,961 
215,965 

1,000 
1,192 

1,000 
615 

Galena  road,  including  Dixon  air  line,  and 
from  Freeport  to  Dunleith  

332 

280,693 

845 

533 

Galena  road  proper,  includ.  Dixon  air  line. 
From  Chicago  to  Burlington  

259 
210 

256,589 
249,833 

990 
1,190 

590 
695 

"     Chicago  to  Dunleith  

215 

231,467 

1,076 

550 

From  Chicago  to  St  Louis  via  Springfield  . 
"     Chicago  to  Quincy  

285 
268 

242,521 
286,920 

851 
1,070 

477 
608 

"    St.  Louis  to  Terre  Haute  

208 

99,033 

476 

476 

"    St.  Louis  to  Vincennes  

147 

67,801 

461 

461 

Illinois  Central  Railroad  .'  

704 

412,483 

586 

436 

STATEMENT 


Of  valuation  of  property  assessed  for  taxation  in  1857,  in  the  several  Coun- 
ties through  which  the  lines  of  railroad  named  below  run,  and  com- 
parison of  the  average  valuation  per  mile  of  road  on  the  several  lines. 


Average 

of 

Valuation 

Average 

Valuation 

Lines  of  road  referred  to. 

road. 

of 
property. 

amount 
per  mile 

after 
deducting 

per  mile 

Miles. 

of  road. 

Cook  County. 

deducting 

Cook  Co. 

From  Chicago  via  Peoria  to 

St  Louis  

327 

$117,636,652 

$395,715 

$71,976,319 

$220,111 

From  Peoria  to  St.  Louis  .  .  . 

167 

43,336,019 

259,377 

259,377 

"     Chicago  to  Peoria.  .  .  . 

160 

84,167,071 

526,044 

38,487,538 

240,547 

"     Peoria  to  Jacksonville. 

82 

22,195,930 

270,682 

270,682 

"     Chicago  to  R'k  Island. 

182 

82,364,808 

452,554 

36,684,465 

201,563 

"     Galena  R.  R.,  includ- 

ing Dixon  air  line  .  . 

259 

85,622,495 

330,589 

39,942,162 

154,217 

"     Chicago  to  Burlington 

210 

87,555,777 

416,932 

41,875,404 

199,405 

Chicago  via  Springfield  and 

St  Louis  

285 

98,863,404 

346,888 

53,183,071 

1  86  607 

Chicago  to  Quincy  

268 

98,910,762 

369,070 

53,230,429 

194,889 

St  Louis  to  Vincennes  

147 

19,313,379 

131,384 

131,884 

"         to  Terre  Haute  .  .  . 

208 

30,411,169 

146,207 

146,207 

Illinois  Central  R.  R  

704 

144,879,385 

205,994 

99,199,052 

140  908 

The  following  tabular  statement  of  receipts,  &c.,  of  some  of 
the  principal  railroads  in  Illinois,  is  made  from  the  official  re- 
turns of  the  roads.  The  comparisons  would  be  more  satisfactory 
if  some  other  lines  of  road  could  have  been  included ;  but  in  the 
absence  of  a  general  system  of  reports,  it  is  difficult  to  obtain 
reliable  information.  It  is  thought,  however,  that  the  general 
comparison  would  not  be  materially  changed,  were  every  com- 
pleted road  in  the  State  to  be  included  in  the  statement. 

It  is  regretted  that  the  cost  per  mile  of  these  roads,  could 
not  have  been  shown  in  the  statement ;  which  would  go  far  to 
explain  why  some  roads  with  large  receipts  do  not  pay  dividends 
to  stockholders.  In  other  words,  it  is  not  for  want  of  business 
that  many  of  the  roads  do  not  pay  the  stockholders,  but  rather 
on  account  of  their  financial  errors. 


35 


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GENERAL      SUMMARY. 

Having  given  in  the  foregoing  pages,  detailed  and  general 
features  of  the  Illinois  River  Eailroad,  it  now  remains  to  gather 
from  them  calculations  and  facts,  upon  which  an  estimate  of 
probable  revenue  can  be  based. 

In  the  estirnated  cost  of  this  road,  no  allowance  is  made  for 
losses  necessarily  to  be  incurred  in  disposing  of  securities  below 
their  par  value ;  which,  if  taken  into  account,  would  of  course 
show  the  aggregate  stock  and  bond  cost  to  be  above  the  cash  esti- 
mate. The  construction  account  should  show  the  aggregate 
of  all  items  of  every  kind ;  and  to  fairly  show  the  prospect  of  any 
railroad  paying  dividends  to  the  stockholders,  estimates  of  net 
revenue  should  be  based  upon  these  facts,  to  wit,  that  a  certain 
amount  of  interest  must  be  paid  annually  on  bonds,  and  that  the 
remainder  only,  after  deducting  operating  and  other  expenses, 
would  be  applicable  to  dividends  on  stock. 

The  estimated  cash  cost  of  the  Illinois  River  Railroad,  com- 
plete, is  $1,375,000;  of  this  amount,  $633,000  is  estimated  as  the 
cost  of  grading  and  cross-ties  ready  for  the  rails,  and  which  is  to 
be  provided  for  from  subscriptions,  the  balance  by  mortgage 
bonds.  This  would  leave  $742,000  to  be  provided  by  sale  of 
securities.  To  be  sure  and  estimate  high  enough,  we  will  assume 
that  there  will  be  an  issue  of  first  mortgage  bonds  to  the  amount 
of  $1,200,000,  which  is  probably  more  than  will  be  required,  and 
that  these  bonds  will  bear  ten  per  cent,  interest  annually. 

This  would  give  one  item  of  $120,000  annually,  to  be  paid 
for  interest  on  bonds. 

Assuming  the  stock  and  county  bond  subscription  to  amount 
to  $675,000,  and  ari  issue  of  first  mortgage  bonds  to  be  made  to 
the  amount  mentioned,  the  total  cost  of  the  road  in  stock  and 
bonds,  would  be  $1,875,000. 

By  reference  to  the  tabular  statements  showing  receipts,  &c., 


37 

of  various  railroads  in  the  State  of  Illinois,  it  will  be  seen  that 
the  average  receipts,  per  mile,  on  nearly  two  thousand  miles  of 
road,  were  $5,260,  which,  if  applied  to  the  Illinois  Eiver  road,, 
would  give,  as  annual  gross  receipts,  $394,000 ;  and  we  believe- 
that  this  would  not  be  an  over-estimate.  Were  we  to  assume 
that  the  earnings  of  this  road  would  compare  with  other  lines  of 
road  in  this  State,  in  proportion  to  the  averages  of  population 
and  wealth,  as  shown  by  the  tabular  statements,  they  would  far 
exceed  the  amount  derived  by  taking  the  average,  per  mile,  of 
the  roads,  which  sustains  us  in  the  above  conclusion. 

By  the  table  of  valuation  we  find  that  the  average  valuation 
per  mile,  of  all  the  lines  of  road  mentioned,  is  $195,492,  while- 
the  average  valuation  of  the  Illinois  River  road,  per  mile,  is 
$270,682,  and  the  average  population,  per  mile,  on  all  the  lines 
mentioned,  is  six  hundred  and  twenty-five,  while  the  average  on 
the  Illinois  River  road,  is  one  thousand.  From  this,  it  appears 
that  the  Illinois  River  road  exceeds  the  general  average,  in  valu- 
ation thirty-eight  and  a  half  per  cent.,  and  in  population  sixty 
per  cent.,  excluding  in  each  case  the  valuation  and  population  of 
Chicago  and  Cook  county. 

To  arrive  at  an  estimate  of  business  for  this  road,  we  will  first 
consider  the  passenger  traffic. 

From  Chicago  to  St.  Louis,  there  are  two  main  lines  of  rail- 
road, the  Chicago,  Alton,  and  St.  Louis,  and  by  way  of  the  Illi- 
.nois  Central;  also,  a  route  by  way  of  Peoria  and  the  Illinois 
river.  From  Peoria  there  are  two  railroad  routes,  by  way  of 
Peoria  and  Oquawka  Railroad,  and  connections  with  the  Chi- 
cago, Alton,  and  St.  Louis,  and  Illinois  Central  roads.  It  is 
claimed  that  the  route  by  the  Illinois  River  Railroad  will  take  a 
large  share  of  all  through  travel  between  Chicago  and  the  north, 
and  St.  Louis  and  the  south,  and  nearly  if  not  all  that  would  go 
by  way  of  Peoria,  from  the  different  lines  of  travel  that  center 
there,  and  points  on  the  line  of  the  Rock  Island  road  and  its  con- 
nections. 

The  number  of  through  passengers  between  Chicago  and  St. 


38 

Louis,  carried  by  the  Chicago,  Alton,  and  St.  Louis  Railroad  in 
1857,  was  over  twenty-eight  thousand.  "We  have  not  accurate 
returns  from  the  other  routes,  but  estimate  the  number  by  all 
routes  to  have  been  at  least  fifty  thousand.  From  Peoria  and 
points  on  connecting  lines  of  railroad  with  the  northwest  and  the 
Mississippi  river,  travel  from  which  would  naturally  take  the 
route  by  way  of  the  Illinois  River  road  when  completed,  we 
estimate  that  twenty  thousand  passengers  pass  over  the  different 
routes  to  and  from  St.  Louis  and  the  South,  annually.  From 
Jacksonville  and  points  between  that  and  St.  Louis,  and  from  the 
river  towns  south  of  the  Illinois  River  road,  at  least  fifteen  thou- 
sand passengers  annually  pass  over  the  various  routes  to  Peoria, 
Chicago,  and  points  north  and  northwest  of  this  road,  a  large 
portion  of  whom  would  naturally  take  this  route. 

These  items  give  an  aggregate  of  eighty-five  thousand  passen- 
gers, a  large  portion  of  whom  would  certainly  take  the  route  by 
way  of  the  Illinois  River  road. 

It  is  believed  to  be  a  fair  estimate  to  claim  that  this  road  when 
completed,  and  with  its  connections  perfected,  will  carry  thirty 
thousand  through  passengers  annually. 

To  arrive  at  the  way  travel,  we  have  comparison  with  several 
other  lines  of  road.  By  reference  to  the  tabular  statement,  we 
find  that  on  the  Galena  and  Chicago  Railroad,  the  average  num- 
ber of  way  passengers  per  mile  of  road  in  1857,  was  one  thousand 
four  hundred  and  fifty. 

On  the  Chicago,  Burlington  and  Quincy  Railroad,      .  .  2,040 

"       Chicago  and  Rock  Island  Railroad,  .  .  .1,430 

"       Chicago,  Alton,  and  St.  Louis  Railroad,  .  .  987 

Which  gives  a  general  average  of  nearly  one  thousand  five 
hundred  way  passengers  per  mile  of  road.  Applying  this  aver- 
age to  the  Illinois  River  Railroad  would  give  an  aggregate  number 
of  one  hundred  and  twelve  thousand  five  hundred  way  passengers 
annually. 


39 

When  we  consider  that  the  way  travel  for  this  road  is  to  be 
derived,  in  addition  to  way  passengers,  from  connecting  lines  and 
other  sources,  from  Peoria,  Pekin,  Havana, .  Bath,  Chandlerville, 
Virginia,  and  Jacksonville,  all  places  of  importance,  and  with  a 
large  aggregate  business  population,  the  above  result  is  even 
below  what  might  fairly  be  claimed  for  this  road. 

It  is  considered,  in  view  of  the  facts,  that  we  can  justly  claim 
the  average,  one  hundred  and  twelve  thousand  five  hundred  as 
the  number  of  way  passengers  annually  over  the  Illinois  River 
road,  and  we  estimate  that  the  average  length  of  road  passed 
over  by  each  will  be  twenty  miles. 

For  express,  mail,  and  incidental  receipts,  other  than  from 
passenger  and  freight  traffic,  the  average  per  mile  of  the  roads 
mentioned  in  the  tabular  statement,  is  over  $2,200,  which,  if 
applied  to  this  road,  would  give  $16,500  annually. 

FREIGHT      TRAFFIC. 

By  the  tabular  statement  before  referred  to,  we  find  that  the 
average  receipts  per  mile  from  freights  on  the  roads  mentioned,  is 
$2,881  ;  which,  as  a  basis,  would  give  this  road,  as  receipts 
annually  from  that  source,  $216,000,  which  is  much  less  than  we 
can  fairly  claim. 

From  the  statistics  of  the  counties  and  towns  on  the  line  of 
this  road  for  1857,  we  gather  the  following  summaries. 

No.  of  Bushels  Wheat  shipped,         .  .  1,950,000 

"  "        Corn,         "...     6,500,000 

"  "        Other  Grain,     <;         .            .  1,426,000 

"  li        Coal,                  "               .  .     3,000,000 

"  Barrels  of  Flour,        .             .             .  123,000 

"  Ft.  B.  M.  Lumber  (excluding  Peoria),  •  17,500,000 

"  Barrels  Whiskey,            . '.:         .  .        138,000 

"  Hogs  Packed,           . '  •          .             .  130,000 

"  Fat  Cattle  Sold,              .            .  .  '       17,000 

From  the  above  statistics,  and  taking  into  consideration  the 
availability  of  the  Illinois  River  Railroad  as  a  channel  through 


40 

which  will  pass  a  large  portion  of  the  business  to  be  done  in  and 
for  the  counties  and  towns  through  which  it  passes,  the  following 
estimate  of  its  probable  revenue  has  been  made,  and  is  presented 
in  full  confidence,  that  although  in  detail  it  may  show  inaccura- 
cies, yet,  as  a  whole,  it  will  prove  to  be  rather  an  under  than 
over  estimate  of  the  revenue  of  the  road,  when  completed  and 
in  operation. 

The  opinions  of,  and  information  derived  from,  business  men 
and  others  conversant  with  the  amount  of  business  to  be  done  in 
the  section  of  country  through  which  this  road  passes,  would 
justify  a  larger  estimate;  but  our  desire  is  to  be  on  the  safe  side, 
and  to  make  no  assertions  or  present  any  statements  as  facts  that 
are  not  self-evident, 

ESTIMATE      OF      K E V E N U E . 

Passenger  Traffic, 

30,000  Through  Passengers,     $2.25,  .  .     $67,500 

112,500  Way  Passengers,     80c.  .  .  90,000 

$157,500 

For  Mails,  Express,  &c.,  say  .  .  .         10,000 

Freight  Traffic. 

750,000  Bushels  Wheat,     5c.      .             .             .  $37,500 

2,000,000  Bushels  Corn,     4c.               ...  80,000 

500,000  Bushels  other  Grain,     5c. .          .             „  25,000 

30,000  Barrels  Flour,     20c.    .                      .             .  6,000 

25,000  Hogs,     50c.       ....  12,500 

5,000  Fat  Cattle,     $1.50,               .          "   .             .  7,500 

1,000,000  Bushels  Coal,     4c.          .             .             .  40,000 

6,000,000  Feet  B.  M.  Lumber,     $3,     .             .             .  18,000 

25,000  Tons  Miscellaneous  Freight,     $3,             .  75,000 

$301,500 


Aggregate  estimated  Revenue,         .  .  .  .          $469,000 

Less  estimated  operating  expenses,  40  per  cent.,  .  187,600 

Leaving  as  Net  Receipts,       .....        $281,400 

Applicable  to  payment  of  interest  on  bonds,  sinking-fund  for 
redemption  of  bonds,  depreciation  account,  <fec. 


In  conclusion,  let  me  congratulate  the  stockholders  and  friends 
of  the  road,  upon  the  progress  that  has  already  been  made,  and 
urge  upon  them  the  importance  of  renewed  and  most  strenuous 
effort  to  make  their  investment  available  at  the  earliest  possible 
date. 

Confident  that  this  road  will  prove  a  dividend-paying  stock, 
independent  of  its  incidental  benefits  to  the  stockholders  and 
the  public, 

I  have  the  honor  to  be, 

Your  obedient  servant, 

J.  B.  CUMMDsTGS, 
Chief  Engineer- 


OFFICE  or  THB  ILLINOIS  RIVER  RAILROAD  COMPANY, 
VIRGINIA,  CASS  COUNTY,  ILLINOIS, 
October  18th,  1858. 

The  undersigned,  the  President  and  Directors  of  the  Illinois 
River  Railroad  Company,  do  hereby  certify  that  the  foregoing 
Report  of  J.  B.  Ctimmings,  the  Chief  Engineer  of  said  Road,  has 
been  fully  approved  and  endorsed  by  us,  as  strictly  reliable  in  all 
its  statements  of  facts,  and  calculations  as  to  results. 

R.  S.  THOMAS,  President. 

J.  M.  RUGGLES,     } 

J.  WAGENBELLER,  >  Directors. 

B.  S.  PKETTYMAN,  ) 

N.  B. — Judge  Wm.  Thomas,  the  only  other  director  of  said 
Company,  was  not  present  at  the  reading  and  approval  of  said 
report,  and  therefore  his  name  does  not  appear  in  said  certificate. 


0f 

RATIFYING  THE  CONTRACT  FOR  THE  SALE  OF  THE  FIRST  MORTGAGE  BONDS, 


Authorizing  and  Directing  the  Board  to  make,  execute,  issue  and 
deliver  the  Bonds  and  Deed  of  Trust. 


AT  a  meeting  of  the  Board  of  Directors  of  the  Illinois  River 
Railroad  Company,  duly  and  regularly  held  and  convened  at 
Pekin,  in  the  county  of  Tazewell,  and  State  of  Illinois,  on  the  8th 
day  of  October,  A.  D.  1858, 

PKKSENT:  FKANCIS  Low,  President,  JOSHUA  WAGENSELLEK, 
B.  S.  PKETTYMAN,  J.  M.  RUGGLES,  and  R.  S.  THOMAS,  Directors  of 
said  Company. 

R.  S.  Thomas  stated  to  the  said  Board,  that  under  and  by  vir- 
tue of  the  special  power  and  authority  conferred  upon  him  by  a 
resolution  unanimously  adopted  by  this  Board  (every  member 
thereof  being  present),  on  the  15th  day  of  September,  1858,  he 
had  made  and  finally  concluded,  executed  and  delivered,  for  and 
in  the  name  and  on  the  behalf  of  this  Company,  a  contract  and 
agreement  with  Alexander  Studwell,  of  the  city  of  New  York, 
dated  the  27th  day  of  September,  1858. 

Whereupon,  on  motion  of  B.  S.  Prettyman,  said  contract  and 
agreement  was  read,  and  after  all  the  covenants  and  provisions 
therein  had  been  duly  considered,  discussed  and  examined,  it  was 
on  motion  of  James  M.  Ruggles,  unanimously 

fiesolved,  That  said  contract  and  agreement,  and  all  and  sin- 


gular  the  covenants,  conditions  and  provisions  therein,  be  and  the 
same  are  hereby  approved,  adopted  and  ratified,  and  in  all  re- 
spects confirmed  by  and  on  the  part  of  this  Company.  And  that 
said  contract  and  agreement  is  and  shall  be  as  binding,  legal, 
valid  and  effectual,  to  all  intents  and  purposes,  upon  and  against 
this  Company,  as  if  it  had  been  executed  by  the  President  of  this 
Company,  and  its  corporate  seal  had  been  thereto  duly  affixed. 
And  it  was  further  unanimously 

Resolved,  That  said  contract  and  agreement  shall  be  duly 
recorded  and  entered  upon  the  minutes  of  this  Board,  by  the  Sec- 
retary of  this  Company,  and  the  same  is  so  recorded  and  entered 
upon  the  minutes  of  this  meeting,  as  follows,  viz.  (Here  comes 
in  contract.) 

On  motion  of  J.  "Wagenseller,  it  was  further  unanimously 
fiesolved,  That  the  President  and  Secretary  of  this  Company, 
be  and  they  are  hereby  expressly  authorized  and  empowered,  and 
are  directed  in  the  name  and  on  behalf  of  this  Company,  and 
under  its  corporate  seal,  to  make,  sign,  execute,  acknowledge, 
issue  and  deliver  any  and  all  deeds,  bonds,  mortgages,  convey- 
ances, agreements,  contracts,  covenants  or  assurances,  which  in 
their  judgment  may  be  necessary,  or  which  may  or  shall  be 
required,  in  order  to  execute,  perform  and  carry  into  full  effect, 
all  and  every  of  the  covenants,  agreements  and  conditions  in  the 
aforesaid  contract  and  agreement,  dated  September  27th,  1858, 
contained,  and  which  are  to  be  performed,  observed,  done  or  exe- 
cuted by  and  on  the  part  of  this  Company. 

And  on  motion  of  B.  S.  Prettyman,  it  was  further  unanimously 
Itesolved,  That  the  President  and  Secretary  of  this  Company, 
be  and  they  are  hereby  authorized  and  empowered  and  directed 
to  execute,  acknowledge  and  duly  deliver,  in  the  name  and  on 
behalf  of  this  Company,  to  Alexander  Studwell,  Lucius  Hopkins, 
and  George  T.  Cobb,  the  trustees  named  in  the  foregoing  contract 
and  agreement,  the  deed  of  trust  or  mortgage  therein  contem- 
plated and  provided  for,  and  which  shall  be  approved  or  pre- 


44 

pared  by  or  under  the  direction  of  John  Cleaveland,  Esq.,  therein 
named,  to  affix  the  corporate  seal  of  this  Company  thereto,  and 
so  to  seal,  acknowledge  and  deliver  the  same,  as  the  act  and  deed 
of  this  Company,  and  to  cause  the  same  to  be  duly  recorded  in 
all  the  counties  through  which  the  road  of  this  Company  runs ; 
and  that  for  the  purpose  of  expediting  the  recording  such  deed  of 
trust  or  mortgage,  that  said  President  and  Secretary  be  and  they 
are  authorized  hereby,  to  execute  and  deliver  four  or  more  origi- 
nals thereof,  and  to  file  one  of  said  originals  for  record,  in  each  of 
the  counties  through  which  the  road  of  this  Company  runs,  imme- 
diately upon  the  execution  thereof;  and  also  to  issue,  in  the  name 
of  this  Company,  and  on  its  behalf,  and  under  its  corporate  seal, 
all  and  singular  the  bonds  in  said  contract  and  agreement  refer- 
red to,  called  first  mortgage  bonds,  and  amounting  in  the  aggre- 
gate to  not  exceeding  one  million  and  twenty thousand 

dollars,  and  in  such  form  and  with  such  provisions,  conditions  and 
statements  therein,  as  shall  be  approved  by  the  said  John  Cleave- 
land. 


REPORT 

OF  ' 

J.  COLLINS  CHESBROUGH,  ESQ.,  OF  NEW  YORK, 

CIVIL    ENGINEER, 

AS    TO    THE    CHARACTER    OF    THE    WORK    ON    THE   LINE    OF    THE 
ROAD,   AND    OF   THE    VALUE   OF   THE    E1STTERPRISE. 


NEW  YOKK,  October  28th,  1858. 

ALEXANDER  STUDWELL,  ESQ.,  New  York, 

DEAR  SIR  : — It  having  been  made  a  condition  precedent  by 
you,  previous  to  your  purchasing  the  First  Mortgage  Bonds  of 
the  Illinois  Kiver  Railroad  Company,  that  the  work  done  upon 
the  line,  as  well  as  the  feasibility  and  productiveness  of  the  road 
when  completed,  should  be  inspected  and  reported  upon  by  a 
disinterested  Civil  Engineer  of  your  own  selection  ;  and  having 
been  designated  by  you  for  such  purpose,  and  having  discharged 
the  trust  thus  confided  to  me,  I  beg  leave  to  report,  in  general 
.  terms,  as  follows : 

That  I  have  made  a  personal  examination  of  the  line  of  the 
road,  and  find  it  to  correspond  substantially  with  the  statements 
made  in  the  report  of  J.  B.  Cummings,  Chief  Engineer  of  said 
road,  to  the  President  and  Directors  of  the  Company,  bearing 
date  September'lOth,  1858. 

Some  of  the  higher  embankments  have  worn  away  slightly 
at  the  grade,  and  will  require  re-dressing  to  be  fifteen  wide,  as 
provided  by  the  contract. 

The  plans  for  pile  and  trestle  work  are  good,  and  will  insure 


46 

strength.  The  plans  for  the  large  bridges — "Howe's"  for  the 
Illinois  and  Mackinaw  rivers,  and  "McCallum's"  for  the  San- 
gamon  river,  have  been  tested  upon  important  lines  of  road, 
and  are  entitled  to  confidence. 

There  are  but  few  lines  of  equal  length  offering  such  facilities 
for  cheapness  of  construction  and  future  repairs ;  and  with  the 
exception  of  the  trestle  and  pile  bridging,  and  culverts,  to  be 
replaced,  this  will  form  a  FIKST  CLASS  KOAD  when  ballasted. 

Under  all  the  circumstances,  I  consider  it  judicious  economy 
to  construct  the  bridges  and  culverts  «as  at  present  designed. 

With  a  cost  not  exceeding  $25,000  per  mile,  and  beyond  which 
it  cannot  go,  with  any  prudent  management,  this  line  of  road 
must  be  a  profitable  investment. 

There  are  sufficient  undeveloped  resources,  not  now  taken  into 
account,  to  make  good  any  possible  over  statement  based  on  the 
official  statistics  of  the  counties  through  which  this  road  will  pass. 

Yours,  respectfully, 

J.  C.  CHESBKOUGH, 

Civil  Engineer- 


OPINION  OF   HON.  S.  T.  LOGAN, 

OF    SPRINGFIFLD,    ILL. 

(WHO  STANDS  AT  THE  HEAD  OF  THE  BAR  IN  THAT  STATE),  AS  TO  THE 
EIGHT  OP  THE  COMPANY  TO  BORROW  MONET,  BY  ISSUING  AND  SEL- 
LING ITS  BONDS  AT  ANY  PRICE  IN  THE  DISCRETION  OF  THE  BOARD 
OF  DIRECTORS. 


1st.  The  Illinois  River  Railroad  Company,  a  corporation 
created  by  the  State  of  Illinois,  has  power  by  its  charter  to  bor- 
row money,  by  issuing  and  selling  its  bonds,  for  the  purpose  of 
paying  for  iron,  rolling  stock,  &c. 

2d.  The  said  Company  has  power  to  sell  such  bonds  at, 
above,  or  below  par. 

3d.  No  plea  of  usury  can  be  interposed  by  said  Company  in 
the  State  of  Illinois. 

STEPHEN  T.  LOGAN. 

SPRINGFIELD,  ILL  ,  Oct.  26,  1858. 


CHARTER 


AN  ACT  to  construct  a  Railroad  from  Jacksonville,  in  Morgan 
County,  to  La  Salle^  in  La  Salle  County. 

SEC.  1.  Be  it  enacted  by  the  People  of  the  State  of  Illinois, 
represented  in  the  General  Assembly,  That  George  E.  Walker, 
William  Paul,  Samuel  L.  Fleming,  Theodore  Perry,  William 
Fisher,  William  S.  Maus,  Gideon  W.  Rupert,  Philo  H.  Thompson, 
George  N.  Walker,  N.  J.  Rockwell,  James  M.  Ruggles,  F.  S.  D. 
Marshall,  Benjamin  Bushby,  James  Dunlap,  Joseph  J.  Cassell, 
Alexander  M'Donald,  and  their  associates,  successors,  and  assigns, 
are  hereby  created  a  body  corporate  and  politic,  under  the  name 

8tyie.  and  style  of  the  "  ILLINOIS  RIVER  RAILKOAD  COMPANY,"  with  per- 
petual succession,  and  by  that  name  be  and  they  are  hereby 
General  ma<le  capable,  in  law  and  in  equity,  to  sue  and  be  sued,  plead 
powers.  an(j  i^  impieaded,  defend  and  be  defended,  in  any  court  of  law 
and  equity  in  this  State,  or  in  any  other  place ;  to  make,  have, 
and  use  a  common  seal,  and  the  same  to  renew  and  alter  at  pleas- 
ure ;  and  shall  be,  and  are  hereby,  vested  with  all  the  powers, 
privileges,  and  immunities  which  are  or  may  be  necessary  to 

objects,  carry  into  effect  the  purposes  and  objects  of  this  act,  as  herein- 
after set  forth  ;  and  the  said  Company  are  hereby  authorized  and 


49 

empowered  to  locate  and  construct,  and  finally  complete,  a  rail- 
road from  the  town  of  Jacksonville,  in  Morgan  County,  via 
Virginia,  in  Cass  county,  to  the  town  of  Bath,  Mason  county,  J 
and  thence,  by  way  of  Pekin,  in  Tazewell  county,  Lacon,  in 
Marshall  county,  to  La  Salle,  in  La  Salle  County  ;  and  for  this 
purpose  said  Company  are  authorized,  upon  the  most  eligible  and 
proper  route,  to  lay  out  their  said  railroad  wide  enough  for  a 
single  or  double  track,  through  the  entire  length,  and  may  enter 
upon  and  take  a  strip  of  land  not  exceeding  one  hundred  feet  in 
width,  and  for  the  purpose  of  cuttings,  embankments,  procuring 
stone  and  gravel,  may  take  as  much  land  as  may  be  necessary, 
for  the  proper  construction  of  and  security  of  said  road. 

SEC.  2.  The  capital  stock  of  said  Company  shall  consist  of  one    capital 
million  of  dollars,  and  may  be  increased  to  two  millions  of  dollars, 
to  be  divided  into  shares  of  one  hundred  dollars   each.      The 
immediate  government  and  direction  of  said  Company  shall  be    Directors. 
vested  in  five  directors,  who  shall  be  chosen  by  the  stockholders 
of  said  Company  in  the  manner  hereinafter  provided,  who  shall  > 
hold  their  office  for  one  year  after  their  election,  and  until  others 
shall  be  duly  elected  and  qualified  to  take  their  places  as  direc- 
tors, a  majority  of  whom  shall  form  a  quorum  for  the  transaction  of 
business,  shall  elect  one  of  their  number  to  be  the  president  of  the    president. 
company  ;  that  said  board  of  directors  shall  have  power  to  appoint 
all  necessary  clerks,  secretaries,  and  other  officers  necessary  in     Appoint- 

J  '  '  .  ment  other 

the  transaction  of  the  business  of  said  corporation.  officers. 

SEC.  3.  The  said  corporation  is  hereby  authorized,  by  their  ^  exam 
agents,  surveyors,  and  engineers,  to  cause  such  examinations  and^e  atnhdesur~ 
surveys  to   be   made   of  the  ground  and  country  between  theroute- 
points  herein  named,  as  shall  be  necessary  to  determine  the  most 
advantageous  route  for  the  proper  line  or  course  whereon  to  con- 
struct their  said  railroad  ;  and  it  shall  be  lawful  for  said  Company 
to  enter  upon,  and  take  possession  of,  and  use  all  such  lands  andia^.y  t! 
real  estate  as  may  be  necessary  for  the  construction  and  mainten- 
ance of  their  said  railr  >ad  :    Provided,  that  all  lands  and  real 
estate  entered  upon,  and  taken  possession  of,  and  used  by  said 
corporation  for  the  purposes  and  accommodation  of  said  railioad, 
or  upon  which  the  site  of  said  railroad  shall  have  been  located  or 
determined  by  the  said  corporation,  shall  be  paid  for  by  the  said  for  lands  ta- 
Company  in  damages,  if  any  be  sustained  by  the  owner  or  owners 

4 


50 

thereof  by  the  use  of  the  same  for  the  purposes  of  the  said  railroad  ; 
and  all  lands  entered  upon  and  taken  for  the  use  of  the  said  cor- 
poration, which  are  not  donated  to  said  Company,  shall  be  obtained 
and  paid  for  in  the  manner  provided  for  taking  lands  for  the  con- 
struction of  public  roads,  canals,  and  other  public  works,  as 
described  in  the  act  concerning  right  of  way,  approved  March 
3d,  1845. 
Penalties  SEC.  4.  If  any  person  shall  wilfully,  maliciously,  or  wantonly 

ing  oAnjur-  and  contrary  to  law,  obstruct  the  passage  of  any  car  on  said  rail- 
road, or  any  part  thereof,  or  anything  belonging  thereto,  or  shall 
damage,  break,  or  destroy  any  part  of  the  said  railroad,  or  imple- 
ments, or  buildings,  he,  she,  or  they,  or  any  person  assisting,  shall 
forfeit  and  pay  to  said  Company,  for  every  such  offense,  treble 
the  amount  of  damages,  that  shall  be  proved  before  competent 
courts  has  been  sustained,  and  be  sued  for  in  the  name  and  behalf 
of  the  said  Company ;  and  such  offender  or  offenders  shall  be 
deemed  guilty  of  a  misdemeanor,  and  shall  be  liable  to  indict- 
ment in  the  same  manner  as  other  indictments  are  found  in  any 
county  or  counties  where  such  offense  shall  have  been  committed ; 
and  upon  conviction,  every  such  offender  shall  be  liable  to  a  fine 
not  exceeding  five  thousand  dollars  for  the  use  of  the  county 
where  such  indictment  may  be  found. 
Annual  SEC.  5.  The  time  of  holding  the  annual  meeting  of  said  Com- 

Sfdeeiecttons  pany  for  the  election  of  directors  shall  be  fixed  and  determined 
by  the  by-laws  of  said  Company  ;  and  at  all  meetings  each  stock- 
holder shall  be  entitled  to  a  vote,  in  person  or  by  lawful  proxy, 
one  vote  for  each  share  of  stock  he,  she,  or  they,  may  hold  bona 
fide  in  said  Company. 

SEC.  6.    The  persons  named  in  the  first  section  of  this  act  are 

This  sec- 

ti(5edVthe  nereky  appointed  commissioners,  who,  or  a  majority  of  whom, 
theBamenda-are  nereby  authorized  to  open  subscription  books  for  said  stock, 
ISM  act  °f    a^ sucn  places  as  they  may  deem  proper.     The  said  commissioners 
shall  require  each  subscriber  to  pay  five  dollars  on  each  share 
subscribed,  at  the  time  of  subscribing ;  and  whenever  one  hun- 
dred thousand  dollars  shall  be  subscribed,  the  said  commissioners 
shall  call  a  meeting  of  the  stockholders,  by  giving  thirty  days' 

notice  in  some  newspaper  printed  in  the  county  of ;  and  at 

such  meeting  it  shall  be  lawful  to  elect  the  directors  of  said 
Company  ;  and  when  the  directors  of  said  Company  are  chosen, 


51 

the  said  commissioners  shall  deliver  said  subscription  books,  with 
all  sums  of  money  received  by  them  as  commissioners  to  said 
directors.  No  person  shall  be  a  director  in  said  Company,  unless 
he  shall  own  at  least  five  shares  of  the  capital  stock. 

SEC.  7.  The  right  of  way  and  the  real  estate  purchased  for  the  ,^3  section 
right  of  way,  by  said  Company,  whether  by  mutual  agreement  ^ 
or  otherwise,  or  which  shall  become  the  property  of  the  Company 
by  operation  of  law,  as  in  this  act  provided,  shall,  upon  the  pay- 
ment of  the  amount  of  money  belonging  to  the  owner  or  owners 
of  said  lands,  as  a  compensation  for  the  same,  become  the  property 
of  the  said  Company  in  fee  simple. 

SEC.  8.  The  said  Company  may  take  and  transport  upon  said  t 
railroad  any  person  or  persons,  merchandise,  or  other  property, 
by  the  force  and  power  of  steam  or  animals,  or  any  combination 
of  them,  and  may  fix,  establish,  take  and  receive  such  rates  of 
toll  for  all  passengers  and  property,  transported  upon  the  same, 
as  the  directors  shall  from  time  to  time  establish ;  and  the  directors 
are  hereby  authorized  and  empowered  to  make  all  necessary 
rules,  by-laws,  regulations,  and  ordinances,  that  they  may  deem  By  Laws. 
necessary  and  expedient  to  accomplish  the  designs  and  purposes, 
and  to  carry  into  effect  all  the  provisions  of  this  act,  and  for  the 
transfer  and  assignment  of  its  stock,  which  is  hereby  declared  stock  is 

personal  pro- 
perSOnal  property,  and  transferable  in  such  manner  as  shall  beperty  *na 

provided  for  by  the  .by-laws  and  ordinances  of  said  corporation,  fcrabie. 

SEC.  9.  The  directors  of  said  Company,  after  the  same  is  organ- 
ized, shall  have  power  to  open  books,  in  the  manner  prescribed 
in  the  sixth  section  of  this  act,  and  to  fill  up  the  additional  one    Additional 
million  of  dollars  of  stock,  or  any  part  thereof,  at  such  times  ascai>italstock> 
they  may  deem  it  for  the  interest  of  said  Company ;  and  all  the 
installments  required  to  be  paid  on  the  stock  originally  to  be  hiw'llTbc18 
taken,  and  what  may  be  taken  to  increase  said  capital  stock, pai( 
shall  be  paid  at  such  times,  and  in  such  sums,  as  said  directors 
may  prescribe. 

SEC.  10.  In  case  of  the  death,  resignation,  or  removal  of  the  vacancies. 
president,  vice-president,  or  any  director,  at  any  time  between 
the  annual  elections,  such  vacancy  may  be  filled  for  the  remainder 
of  the  year,  whenever  they  may  happen,  by  the  board  of  directors ; 
and  in  case  of  the  absence  of  the  president  and  vice-president, 
the  board  of  directors  shall  have  power  to  appoint  a  president 


52 

pro  tempore,  who  shall  have  and  exercise  such  powers  and  functions 
as  the  by-laws  of  the  said  corporation  may  provide.  In  case  it 
should,  at  any  time,  happen  that  an  election  shall  not  be  held  on 
any  day  on  which,  in  pursuance  of  this  act,  it  ought  to  be  held, 
the  said  corporation  shall  not,  for  that  cause,  be  deemed  dissolved, 
but  such  election  shall  be  held  at  any  other  time  directed  by  the 
by-laws  of  said  corporation. 
Damages  to  gEC-  n.  That  when  the  lands  of  any  feme  covert,  person  under 

infants,  feme 

how^ter-'  a&6'  or  notl  comPos  i^entis^  or  out  of  this  State,  shall  be  taken  in 
mined.  foe  construction  of  said  railroad,  as  is  provided  by  this  act,  the 
said  corporation  shall  pay  the  amount  that  shall  be  awarded  as 
due  to  the  said  last  mentioned  owners  respectively,  whenever  the 
same  shall  be  lawfully  demanded.  That  to  ascertain  the  amount 
to  be  paid  to  the  persons  named  in  this  section,  for  the  lands 
taken  for  the  use  of  the  said  corporation,  it  shall  be  the  duty  of 
the  judge  of  the  judicial  circuit  within  which  said  land  may  be 
situated,  upon  notice  given  to  him  by  the  said  corporation,  to 
appoint  three  commissioners,  to  be  persons  not  interested  in  the 
matter,  to  determine  the  damages  which  the  owner  or  owners  of 
the  land,  or  real  estate,  so  entered  upon  by  the  said  corporation, 
has  or  have  sustained  by  the  occupation  of  the  same ;  and  it  shall 
be  the  duty  of  said  commissioners,  or  a  majority  of  them,  to 
deliver  to  said  corporation  a  written  statement  of  the  awards  they 
shall  make,  with  a  description  of  the  land  or  real  estate  appraised, 
to  be  recorded  by  the  said  corporation  in  the  clerk's  office,  in  the 
county  in  which  the  land,  or  real  estate,  so  appraised,  shall  lie ; 
and  then  the  said  corporation  shall  be  deemed  to  be  seized  and 
possessed  in  the  fee  simple  of  all  such  lands,  or  real  estate,  as 
shall  have  been  appraised  by  the  said  commissioners. 

water  SEC.  12.  That  whenever  it  shall  be  necessary  for  the  con- 

courses and  . 

highways,     struction  oi  said  railroad,  to  intersect  or  cross  any  water  course, 

or  any  road,  or  highway,  lying  between  the  points  aforesaid,  it 
shall  be  lawful  for  the  corporation  to  construct  their  railroad 
across,  or  upon,  the  same : 

Provided,  That  the  corporation  shall  restore  the  watercourse, 

or  road,  or  highway,  thus  intersected,  to  its  former  state,  or  in  a 

sufficient  manner  not  to  have  injured  its  usefulness. 

increase  of       SEC.  13.  The  capital  stock  of  said  company  may  be  increased 

'  'from  one  million  of  dollars,  to  two  million  five  hundred  thousand 


53 

dollars,  from  time  to  time,  by  new  subscriptions,  if  such  increase 
shall  be  found  necessary  to  fulfil  the  intention  of  this  act,  upon 
the  directors,  for  the  time  being,  giving  the  notice,  as  herein 
required,  previous  to  the  opening  of  the  subscription  books  for 
the  original  stock  therein ;  and  that  all  stock  of  said  corporation 
shall  be  deemed  personal  property,  and  transferable  in  such 
manner  as  the  said  corporation  shall,  by  its  by-laws,  prescribe,  transferable! 

SEC.  14.  That  it  shall  be  lawful  for  the  directors  to  require 
payment  of  the  sums  subscribed  to  the  capital  stock,  at  such 
times,  and  in  such  proportions,  and  on  such  conditions,  as  they 
shall  deem  fit,  under  the  penalty  of  the  forfeiture  of  all  previous 
payments  thereon,  and  shall  give  notice  of  the  payments  thus  ^j^01106  of 
required,  and  of  the  place,  and  time,  when  and  where,  the 
same  are  to  be  paid,  at  least  ninety  days  previous  to  the  payment 
of  the  same,  in  some  public  newspaper  of  this  state,  published 
in  some  one  of  the  places  where  the  notices  for  the  opening  the 
books  for  subscription  to  the  capital  stock  may  have  been  pub- 
lished. 

SEC.  15.  Said  company  is  hereby  authorized,  from  time  to     Power  to 

.  borrow  mon- 

time,  to  borrow  such  sum,  or  sums,  of  money  as  may  be  necessary  ey  on  bonds 
for  completing,  and  finishing,  or  operating  their  said  railroad,  gage- 
and  to  issue  and  dispose  of  their  bonds,  in  denominations  of  not 
less  than  five  hundred  dollars,  bearing  a  rate  of  interest  not 
exceeding  seven  per  centum  per  annum,  for  any  amount  so  bor- 
rowed, and  to  mortgage  the  corporate  property  and  franchises,  or 
convey  the  same  by  deed  of  trust,  to  secure  the  payment  of  any 
debt  contracted  by  said  company,  for  the  purposes  aforesaid. 
And  the  directors  of  said  company  may  confer  on  any  bondholder 
of  any  bond  issued  for  money  borrowed  as  aforesaid,  the  right 
to  convert  the  principal  due,  or  owing  thereon,  into  stocks  of  said 
company,  at  any  time  not  exceeding  ten  years  from  the  date  of 
the  bond,  under  such  regulations  as  the  directors  of  said  company 
may  see  fit  to  adopt ;  and  all  sales  of  such  bonds  that  may  be 
made  at  less  than  their  par  value,  shall  be  good,  and  valid,  and 
binding,  upon  said  corporation,  as  if  said  bonds  had  been  sold  for 
the  full  amount  thereof. 

SEC.  16.  The  width  of  said  railroad  is  to  be  determined  by     width  oi 
the  said  corporation,  within  the  limits  prescribed  by  the  first10' 
section  of  this  act. 


54 

Time  of        SEC.  17.  This  act  shall  be  in  force  from,  and  after,  its  passage, 

anSconfplet-and  said  company  shall  commence  said  work  within  three  years, 

and  complete  the  same  within  ten  years,  from  the  passage  of 

this  act. 

union  with       SEC.  18.  Said  company  shall  have  power  to  unite  its  railroad 

other  roads.  r       * 

with  the  railroad  which  may  be  constructed  from  Jacksonville, 
in  Morgan  county,  to  Alton,  in  Madison  county,  by  the  Jackson- 
ville and  Carrolton  railroad  company,  or  any  other  company,  and 
for  that  purpose  full  power  is  hereby  given  to  said  company  to 
make  and  execute  such  contracts,  with  any  company,  as  will 
secure  the  objects  of  connecting  with  any  railroad  built,  or  to  be 
built,  at  Jacksonville. 

Approved,  February  11,  1853. 


AMENDATORY  ACTS. 

AN  ACT  to  Amend  an  Act  entitled,  "  An  Act  to  construct  a 
Railroad  frotn  Jacksonville,  in  Morgan  County,  to  La  Salle, 
in  La  Salle  County" 

SEC.  1.  Be  it  enacted  by  the  people  of  the  State  of  Illinois, 
represented  in  the  General  Assembly,  That  James  Dunlap,  James 
M.  Ruggles,  and  Gideon  "W.  Rupert,  are  hereby  appointed  com- 
missioners, who,  or  a  majority  of  whom,  after  a  meeting  duly 
called  by  twenty  days'  notice  in  newspapers  published  in  Mor- 
gan, Mason,  and  Tazewell  counties,  are  hereby  authorized  to 
6tock°books!  °Pen  subscription  books  for  subscribing  to  the  capital  stock  of 
said  Company,  at  such  places  as  they  may  deem  proper,  and 
shall  keep  said  books  open  until  one  hundred  thousand  dollars  of 
said  capital  stock  shall  be  taken.  Said  commissioners  shall 
require  each  individual  subscriber  to  pay  ten  dollars  on  each 
share  subscribed,  at  the  time  of  subscribing,  and  shall  require 
counties,  towns,  or  cities,  subscribing,  to  issue  bonds  to  the 
amount  of  ten  dollars  per  share  at  the  time  of  subscribing.  Said 
commissioners  shall  immediately  thereafter  call  a  meeting  of 
6tSo\dtrf  s^ockh°lders,  by  giving  thirty  days'  notice  in  some  newspaper 
^directors!11  printed  in  the  counties  of  Morgan,  Mason,  or  Tazewell,  and  at 


55 

-such  meeting  it  shall  be  lawful  to  elect  Directors  of  said  Com- 
pany ;  and  when  the  Directors  of  said  Company  are  chosen,  the 
said  commissioners  shall  deliver  said  subscription  books,  with  all 
sums  of  money,  and  all  bonds  received  by  them  as  commissioners, 
to  said  Directors.  No  person  shall  be  a  Director  in  said  Company 
unless  he  shall  own  at  least  five  shares  of  the  capital  stock  of 
.•said  Company. 

Sec.  2.  Said  Company  shall  have  the  power  to  unite  or  con  soli- 
date  its  Kailroad  with  any  other  Railroad  now  constructed,  or  other  roads> 
which  may  hereafter  be  constructed,  within  this  State  on  the 
route  of  said  Eoad,  or  at  the  terminus  of  said  Koad,  upon  such 
terms  as  may  be  mutually  agreed  upon  between  the  Companies  so 
connecting  ;  and  for  that  purpose,  full  power  is  hereby  given  to 
said  Company  to  make  and  execute  such  contracts  with  any  other 
Company  as  will  secure  the  objects  of  such  connection  ;  and  said 
Company  shall  not  be  required  to  build  that  portion  of  said  Road 
north  of  such  connection  as  may  be  agreed  upon,  unless  a  major- 
ity of  the  Directors  of  said  Company  shall  be  in  favor  of  extend- 
ing and  completing  said  Road  north  of  said  connection. 

SEC.  3.     The  right  of  way  and  the  real  estate  purchased  by    Right  of 
said  Company,  whether  by  mutual  agreement  or  otherwise,  or  way' 
which  shall  become  the  property  of  the  Company  by  operation 
of  law,  shall,  upon  the  payment  of  the  amount  due  to  the  owner 
or  owners  of  said  lands,  become  the  property  of  the  said  Company 
in  fee  simple. 

SEC.  4.     Sections  six  and  seven  of  the  act  to  which  this  is  an    sections  6 

and  7  of  orl- 


amendment,  are  hereby  repealed;  and  all  parts  ot  said  act  con-  g 
flicting  with  the  foregoing  amendatory  act. 

SEC.  5.  James  M.  Ruggles,  Benjamin  Beesley,  Hugh  Lamas- 
ter,  John  S.  "Winter,  William  McMurtry,  and  Lemuel  Andrews, 
are  hereby  authorized  to  construct  and  operate  a  branch  of  the  T0&j[ 
"  Illinois  River  Railroad,"  to  be  called  the  "Mississippi  and  Dli-St 
nois  River-Railroad,"  from  Bath,  in  Mason  county,  to  Rock  Island, 
in  Rock  Island  county,  via  Lewiston,  in  Fulton  county,  Knoxville 
and  Henderson,  in  Knox  county  ;  and  for  the  purpose  of  con- 
structing said  branch  road,  said  commissioners  named  in  this  sec- 
tion are  hereby  declared  to  possess  all  the  powers,  and  be  subject 
to  all  the  restrictions  contained  in  this  act,  and  the  act  to  which 
this  is  an  amendment.  The  capital  stock  of  said  Company  shall 


56 

be  one  million  and  five  hundred  thousand  dollars  ;  and  said  Com- 
pany are  hereby  authorized  to  increase  their  capital  stock  to  such 
an  amount  as  may  be  necessary  to  complete  such  branch  road, 
under  the  same  provisions  and  regulations  as  are  provided  for  in 
this  act,  and  the  act  to  which  this  is  an  amendment.  The  above- 
named  commissioners  are  hereby  authorized  to  open  books  for 
subscription  to  the  capital  stock  of  said  Company,  at  such  places 
on  the  line  of  said  branch  road  as  maybe  agreed  upon,  by  giving 
notice  as  provided  for  in  this  act. 

A  ferry  and  SEC.  6.  Said  Company  shall  have  the  right  to  establish  a 
the  Iranch  ferry  at  the  place  of  crossing  the  Illinois  River,  and  also  of  con- 
structing a  bridge  across  the  same ;  Provided,  said  bridge  shall 
be  so  constructed  as  not  materially  to  obstruct  the  navigation  of 
said  river.  Said  Company  shall  also  have  the  right  to  consolidate, 
unite  with,  or  cross  any  railroad  constructed  or  to  be  constructed 
on  the  route  of  said  branch  road,  as  provided  for  in  this  act. 

b8t°cas^and  ^EC*  ^'  *^11's  ac^  s^a^  no*  be  so  construed  as  to  impair  or  in 
Mason  coun-  any  wise  affect  the  vote  already  taken  for  subscribing  stock  in  the 
"  Illinois  River  Railroad,"  by  the  counties  of  Cass  and  Mason, 
and  said  election  and  all  proceedings  heretofore  had  by  said  Com- 
pany, are  hereby  declared  to  be  legal  and  binding  in  law  and 
equity. 

Tnisapub-       SEC.  8.     This  act  is  hereby  declared  to  be  a  public  act,  and 
shall  be  in  force  from  and  after  its  passage. 
Approved,  March  1,  1854. 


AN  ACT  to  amend  the  Charter  of  the  Illinois  River  Rail  Road 
Company. 

Additional       SEC.  1.  Be  it  enacted  by  the  People  of  the  State  of  Illinois, 

powers.       represented  in  the  General  Assembly.    That  the  Illinois  River 

May  receive  Railroad  Company,  as  the  same  is  at  present  organized  under  the 

estote°byrdo- provisions  of  an  act  entitled,  "An  act  to  construct  a  railroad 

purchased  from  Jacksonville,  in  Morgan  county,  to  La  Salle,  in  La  Salle 

convey  as  ne  coun|.yj»  approved  February  llth,  1853,  and  an  act  entitled  "  An 

act  to  amend  an  act  entitled  "  An  act  to  construct  a  railroad  from 

Jacksonville,  in  Morgan  county,  to  La  Salle,  in  La  Salle  county," 

approved  March  1st,  1854,  shall  have  not  only  the  rights,  powers, 


57 


and  privileges  conferred  by  said  act,  but  in  addition  thereto  shall 
have  power  and  authority  to  have,  receive,  hold,  sell  and  dispose 
of  any  donations  of  real  or  personal  property,  for  the  use  of  said 
Company,  and  to  acquire,  by  purchase  and  hold,  for  the  use  of 
said  Company,  in  the  constructing  or  operating  said  railroad,  or 
to  sell  the  same,  if  found  not  necessary  or  proper  to  be  retained. 

SEC.  2.  The  said  Illinois  Kiver  Kailroad  Company  shall  have 
power  to  issue  their  bonds,  in  sums  not  less  than  five  hundred^™  under 
dollars,  bearing  an  interest  not  exceeding  ten  per  cent,  for  such 
amount  as  may  be  necessary  to  complete  their  road  and  put  the 
same  in  full  operation,  and  to  sell  said  bonds  at  par  or  on  such  other 
terms  as  said  Company  may  agree  on. 

SEC.  3.  Said  Company  shall  also  have  the  right  to  enter  upon   May  take 
and  appropriate  to  its  exclusive  use  and  control  all  and  singular  materials  to 

IT  -i  «i          /»  i  •     i     /»         i       i  construct 

any  lands,  streams  and  materials,  of  every  kind,  for  the  location  rood. 
of  depots  and  stopping  stations,  for  constructing  bridges,  dams, 
embankments,  excavations,  station  grounds,  spoil  banks,  turnouts, 
engine  houses,  shops  and  other  buildings,  necessary  for  construct- 
ing, completing,  altering,  maintaining,  preserving  and  complete 
operations  of  said  road ;  but  when  said  lands,  streams,  or  materials 
belong  to  any  person  or  persons,  company  or  corporation,  and 
cannot  be  obtained  by  contract,  grant  or  release,  the  same  may  be 
taken  and  paid  for,  if  any  damages  are  assessed,  as  provided  in 
the  acts  to  which  this  is  an  amendment,  and  when  the  damages 
assessed,  if  any,  are  paid  or  tendered,  the  said  lands,  streams  and 
materials  shall  be  vested  in  said  Company ;  provided,  that  if  the 
owners  of  any  lands,  .streams  or  materials  taken  for  any  of  the 
purposes  provided  in  this  section,  or  for  the  purposes  mentioned 
in  the  acts  aforesaid,  shall  appeal  from  the  assessment  of  dam- 
ages for  taking  the  same,  the  said  Company  may  tender  to  the 
owner  or  pay  to  the  clerk  of  the  Court  to  which  the  appeal  is 
taken,  for  the  use  of  the  owner  or  owners,  the  amount  of  dam- 
ages assessed,  and  file  with  the  Clerk  of  said  Court  a  bond,  with 
security,  to  be  approved  by  him,  for  the  payment  of  such  ad- 
ditional damage  and  costs  as  may  be  awarded  against  said  Com- 
pany, on  the  trial  of  said  appeal,  then  said  Company  may  take 
possession  of  and  hold,  for  their  exclusive  use,  such  lands,  streams, 
or  materials  in  the  same  manner  as  if  said  appeal  had  not  been 
taken. 


Damages. 


How  paid. 


58 

May  give  SEC.  4.  Said  Company  shall  have  power  by  mortgage  or  deed 
secu^ondsof  trust  on  all  or  any  part  of  the  property,  or  franchises 
owned  by  said  Company,  to  secure  the  payment  of  such  bonds 
as  said  Company  may  issue,  or  such  sums  of  money  as  said  Com- 
pany may  agree  to  pay,  for  any  purposes  connected  with  the  con- 
struction or  operation  of  the  railroad  aforesaid. 

strMtyacro^  ^EC-  ^'  Said  Company  shall  have  power  to  construct  their 
cour^ToT  road  on  or  across  any  stream  of  water,  or  water-course,  road,  high- 
highway,  way,  railroad  or  canal  which  the  route  of  said  road  shall  intersect, 
but  the  Company  shall  restore  the  stream  or  water-course,  road  or 
highway,  thus  intersected,  to  its  former  state,  or  so  near  thereto 
as  not  materially  to  impair  its  usefulness.  Whenever  the  said 
railroad  shall  intersect  a  road  or  highway,  the  said  Company 
shall  have  power  to  change  the  line  of  such  road  or  highway,  if 
said  change  shall  not  materially  impair  the  usefulness  of  such 
road  or  highway;  and  the  Company  may  take  such  additional 
lands  as  may  be  necessary  for  the  change  of  said  road  or  highway, 
making  compensation  therefor,  to  be  ascertained  as  in  other  cases 
provided  by  the  acts  aforesaid. 

SEC.  6.  The  said  Company  shall  have  power  to  make  and 
ordain  such  rules  and  By-Laws  as  may  be  necessary  for  the  gov- 
ernment of  the  Company,  its  servants  and  agents ;  and  the 
certificate  of  the  Secretary  or  principal  Clerk  of  said  Company, 
under  the  seal  of  said  Company,  shall  be  received  in  all  courts 
and  places  as  evidence  of  said  rules  and  By-Laws,  the  appoint- 
ment of  agents  or  officers,  or  of  any  order  of  said  Company,  and 
also  of  the  due  organization  thereof. 

County  sub-       SEC.  7.  In  all  cases  where  subscriptions  of  stock  have  been 
court  to  levy  or  shall  be  made  to  said  Company,  \>y  any  county,  in  pursuance  of 

bonds84  °*  a  vote  °^  *^e  C0unt7j  it  sna^  be  the  duty  of  the  County  Court  of 
each  county,  respectively,  to  levy  a  sufficient  tax  to  pay  the 
interest  on  the  bonds  to  be  issued  for  said  stock ;  which  tax  shall 
remain  in  force  until  said  bonds  shall  be  paid  off  and  discharged ; 
and  said  tax  may  from  time  to  time,  be  increased  or  diminished 
so  as  to  produce  sufficient  funds  for  the  payment  of  interest. 

When  work       SEC.  8.  The  said  Company  may  commence  building  their  road 

to  be  corn- 
corn  Tetednd  at  any  t*me  W1^n  fi ve  vears  fr°m  the  passage  of  this  act,  and 
shall  own  and  operate  such  part  as  may  be  completed,  notwith- 
standing the  whole  road  may  not  be  finished. 


59 

SEC.  9.  The  Directors  of   said  Company  shall  have  power.    Directors, 
while  engaged  in  the  construction  of  said  road,  or  so  much  there-  Siis  ^  e 
of  as  lies  within  the  boundary  of  any  one  county,  to  make  calls  separately. 
of  the  stock  subscribed  by  said  county  or  by  citizens  thereof,  as 
said  Directors  may  esteem  necessary,  without  making  the  same 
calls  on  other  counties  or  the  stockholders  residing  therein ;  and 
until  a  corresponding  call  is  made  in  the  adjoining  county,  such 
calls  shall  be  expended  within  the  boundary  of  the  county  on 
which  the  excessive  call  is  made. 

SEC.  10.  When  said  Company  shall  have  decided  to  unite  tecTu 
their  road  with  any  other  railroad  authorized  to  be  built  but 
completed,  the  said  Company  may  make  such  contract  in  regard er 
to  the  building  of  said  road,  at  the  joint  expense  of  the  two 
Companies,  as  to  them  may  seem  just  and  equitable. 

SEC.  11.  Said  Company  is  authorized  to  build  railroad  bridges,    May  build 
for  the  use  of  said  road,  across  the  Illinois  river  and  the  Sanga-  across  rivers. 
mon  river,  leaving  across  the  Illinois  river,  a  sufficient  draw  and 
space  for  the  safe  passage  of  steamboats  and  other  river  crafts. 

SEC.  12.    The  said  Company  shall  have  power  to  declare  for-  cia^eystock 
feited  the  stock  of  any  stockholder  who  shall  fail  to  pay  the  in-  su£eitedl °r 
stallments  called  by  the  Board  of  Directors,  or  any  one  of  said 
calls,  within  sixty  days  after  said  calls  become  due,  or  may  sue 
for  said  calls,  as  in  other  cases  ;  and  twenty  days  notice  shall  be  cans°tlce  °f 
sufficient  for  the  making  of  such  calls,  instead  of  the  time  re- 
quired in  the  acts  aforesaid  ;  which  notice  may  be  served  person- 
ally, or  by  advertisement  in  a  newspaper  published  in  the  county 
where  the  stockholder  may  reside. 

SEC.  13.    This  act  to  take  effect  and  be  in  force  from  and  after 
its  passage. 

SEC.  14.  The  said  Company  is  hereby  authorized  to  lay  off 
and  construct  their  railroad,  on  the  most  eligible  and  direct  route 
between  Jacksonville  and  Pekin  ;  but,  in  case  the  road  shall  not ro' 
run  through  either  of  the  points,  between  said  places,  mentioned 
in  the  original  charter,  the  said  Company  shall,  as  soon  as  practi- 
cable after  the  road  is  put  in  operation,  build  and  operate  a  side 
track  to  such  point. 

SEC.  15.     This  act,  as  also  the  original  charter  of  said  Com-,  This  and 

former  acts 

pany  and  the  act  amendatory  thereto,  shall  be  deemed  public  Jj 
acts,  and  shall  be  so  received  and  taken  notice  of  in  all  courts.     acts- 


60 

taken  in  the  Counties  of  Morgan  and 
5  an(i  the  city  of  Pekin,  for  subscribing  stock  to  said  rail- 
le"roa(i  Company,  are  hereby  declared  to  have  been  legally  made 
and  taken,  and  stock  shall  be  subscribed  by  the  county  courts  of 
said  counties  and  the  proper  authority  of  the  city,  in  pursuance 
of  the  orders  under  which  said  votes  were  taken,  and  bonds  shall 
be  issued  for  said  subscriptions  accordingly. 
Approved,  January  29,  1857. 


AN  ACT  to  amend  an  Act,  entitled :  "  An  Act  to  construct  a  rail- 
road from  Jacksonville,  in  Morgan  County,  to  La  Salle,  in 
La  Salle  County -,"  approved  February  11,  1853;  and,  also  to 
amend  an  Act  entitled,  "An  Act  to  amend  an  Act  entitled, 
'  An  Act  to  construct  a  railroad  from  Jacksonville,  in  Morgan 
County,  to  La  Salle,  in  La  Salle  County?"  Approved,  March 
1,  1854. 

SEC.  1.     Be  it  enacted  by  the  people  of  the  State  of  Illinois. 

Eight  of 

way,  how    represented  in  the  General  Assembly,  that  in  case  "  The  Illinois 

obtained.        _*          •»»•».*    *i  T       .         ,          .  i 

Kiver  Kailroad  Company  cannot  obtain  the  title  to  the  lands 
required  or  needed  for  the  right  of  way,  depot  or  station  grounds, 
turn-outs,  switches,  or  other  necessary  uses  or  useful  purposes,  in 
the  locating,  building,  keeping  in  repair,  and  operating  of  said 
railroad,  by  purchase,  contract,  or  voluntary  conveyance,  then 
said  Company  are  hereby  authorized  to  proceed,  to  ascertain  and 
determine  the  damages  sustained  by  the  owner  or  owners,  occu- 
pier or  occupiers  of  .such  lands,  and  obtain  the  right  and  title  to 
said  lands  in  the  manner  and  upon  the  principles  provided  and 
contained  in  "  An  Act  to  amend  the  law  condemning  right  of 
way  for  purposes  of  internal  improvement,"  approved,  June  22, 
1852 ;  or,  in  the  manner  and  upon  the  principles  specified  in  the 
above  recited  acts  or  any  act  amendatory  thereof;  or,  in  the 
manner  and  upon  the  principles  provided  and  contained  in  any 
other  act  that  may  have  been,  or  may  hereafter  be,  passed  by  the 
General  Assembly  of  the  State  of  Illinois,  to  enable  railroad 
Companies  to  appropriate  lands  for  the  purposes  aforesaid. 


61 

SEC.  2.  The  said  Company  is  hereby  authorized  to  receive 
subscriptions  to  the  capital  stock  of  the  Company,  payable 
any  time  or  in  any  manner  that  may  be  specially  agreed  upon  by  *c' 
the  Company  and  the  subscribers  thereof ;  and  said  agreement 
may  bear  such  interest  as  may  be  contracted  for  ;  and,  for  secur- 
ing the  payment  of  the  same  the  said  Company  may  take  the 
bond  or  bonds  of  said  subscriber  or  subscribers  and  a  mortgage 
or  mortgages,  deed  or  deeds  of  trust  upon  real  estate.  On  a  fail- 
ure to  pay  any  sum  or  sums  of  money  agreed  to  be  paid  as  afore- 
said, or  the  interest  on  the  same,  as  the  same  may  accrue,  the 
said  Company  may  foreclose  such  mortgage  or  mortgages,  or  sell 
and  convey  the  said  real  estate,  agreeably  to  the  provisions  of 
said  deed  or  deeds  of  trust.  The  bonds  or  mortgages  or  deeds  of 
trust,  herein  provided  for,  may  be  assigned  or  transferred  by  the 
said  Company,  and  such  assignment  shall  vest  in  the  assignee  or 
assignees  the  legal  title  thereto. 

SEC.  3.  All  the  acts  and  proceedings  of  the  corporators,  and  Of  r 
also  of  the  commissioners,  and  each  of  them,  named  in  the  acts  lc 
of  which  this  is  an  amendment,  or  any  of  them,  in  opening  sub- 
scription books  and  obtaining,  authorizing  the  obtaining,  or  in  re- 
ceiving subscriptions  to  the  capital  stock  of  "  The  Illinois  River 
Railroad  Company,"  or  otherwise,  whether  such  acts  and  proceed- 
ings were  done,  and  had,  by  any  one  or  more  of  said  corporators 
or  commissioners,  in  proper  person  or  by  any  other  person  or 
persons  acting  by  or  under  their  authority,  are  hereby  declared 
to  be  legal,  valid,  and  binding  in  law,  whether  all  the  require- 
ments of  the  Acts,  to  which  this  is  an  amendment,  have  been 
strictly  complied  with  or  not. 

SEC.  4.  The  vote  taken  in  the  County  of  Cass,  in  the  year  t 
A.  D.  eighteen  hundred  and  fifty-three,  which  resulted  in  favor  * 
of  said  County's  subscribing  fifty  thousand  dollars  to  the  capital 
stock  of  "  The  Illinois  River  Railroad  Company,"  and  also  the 
subscription  of  fifty  thousand  dollars,  under  and  by  virtue  of 
said  vote  and  to  carry  the  same  into  eftect,  by  J.  A.  Areny, 
County  Judge  of  Cass^  County,  as  agents  or  agent  and  stock- 
holder, or  otherwise,  for  and  in  behalf  of  said  County,  are  here- 
by declared  to  have  been  legally  taken  and  made,  and  to  be  now 
valid  and  binding  upon  the  County — any  technical  or  other 
formal  defects  in  said  vote  or  subscription  to  the  contrary,  not- 


62 

withstanding.  And  the  County  Court  of  Cass  county  are  here- 
by authorized  and  required  to  issue  county  bonds  for  said  fifty 
thousand  dollars,  and  deliver  the  same  to  the  said  Company  at 
the  time  or  times  and  in  the  manner  and  upon  the  principles  of 
the  general  laws  of  this  State  relating  to  subscriptions  by  coun- 
ties to  the  capital  stock  of  railroad  Companies. 

tel t<wmra"  SEC.  5.  The  provisions  of  an  act  entitled,  "  An  Act  supple- 
whethe^6  mental  to  an  Act,  entitled,  '  An  Act  to  provide  for  a  general  sys- 
subscrfbe  tern  of  railroad  incorporations,' "  approved,  November  6,  1849 ; 
and  also  of  "  An  Act  to  facilitate  the  construction  of  railroads," 
approved,  March  1st,  1854,  are  hereby  declared  and  made  applic- 
able to  each  and  every  town  now  incorporated  or  that  may  here- 
after be  incorporated,  situated  at  either  end  or  on  the  line  of  the 
Illinois  Railroad,  or  within  one  mile  thereof,  as  the  same  has  been 
heretofore  surveyed  (to  wit :  in  the  year  A.  D.  1856,  by  "W.  G. 
Wheaton,  engineer,)  or  may  hereafter  be  located  ;  and  the  corpo- 
rate authorities  of  any  such  town  may  order  an  election  or  elec- 
tions, to  be  held  in  such  town  by  the  legal  voters  thereof,  upon  the 
question  whether  the  town,  in  its  corporate  capacity,  will  or  will 
not  subscribe  to  the  capital  stock  of  "  The  Illinois  River  Eailroad 
Company"  any  sum  not  exceeding  fifty  thousand  dollars.  And 
in  case  any  such  election  shall  be  held,  the  same  shall  be  con- 
ducted as  other  town  elections.  And,  if  any  such  election  shall 
result  in  favor  of  making  such  subscription,  all  the  provisions  of 
the  two  acts  recited  in  this  section,  and  also  of  all  other  general 
laws  relating  to  subscriptions  by  counties  to  the  capital  stock  of 
railroad  companies,  and  also  all  the  provisions  of  "  An  Act  to 
amend  the  charter  of  the  Illinois  River  Railroad  Company," 
passed  at  the  present  Session  of  the  General  Assembly,  so  far  as 
said  act  relates  to  requiring  counties  and  cities  to  provide,  by 
taxation  or  otherwise,  for  the  payment  of  interest  on  county  or 
city  bonds,  shall  apply  to  and  govern  the  corporate  authorities 
of  such  town  in  making  such  subscription,  and  in  all  the  subse- 
quent proceedings  relating  thereto  ;  and  the  rights  of  such  town 
against  said  Company  shall  be  the  same,  with  the  like  remedies 
to  enforce  such  rights,  as  the  rights  and  remedies  of  counties  in 
cases  of  county  subscriptions. 

SEC.  6.    The  said  Company  may,  if  they  deem  it  advisable, 
locate,  construct,  finally  complete  and  operate  said  road,  or  any 


63 

part  or  parts  thereof,  by  or  in  divisions  of  such  length  and  with  of 
such  names  or  numbers  as  may,  by  order  of  the  Board  of  Direct-  di6cretio£eir 
ors,  be  determined  upon  ;  and  the  Board  shall  have  power,  in  their 
discretion,  to  order  that  all  the  subscriptions  of  persons  living  tfskmsf 
adjacent  to  any  of  such  divisions,  or  made  specially  to  aid  in  the 
construction  of  any  such  divisions,  shall  be  applied  exclusively 
to  the  construction  of  such  division  or  divisions.  And  the  Board 
of  Directors  shall  also  have  power  to  order  that  no  other  subscrip- 
tions sball  be  expended  on  any  of  such  divisions  other  than  such 
as  may  be  specified  in  any  order  of  the  Board,  made  as  above- 
named,  in  which  case  such  order  shall  be  in  full  force  until  re- 
pealed or  modified  ;  and  no  other  subscriptions  or  moneys  of  the 
Company  shall  be  expended  or  be  liable  to  be  expended,  on  the 
division  or  divisions  named  in  such  order  so  long  as  such  order 
shall  be  unrepealed  or  unmodified.  Provided,  that  in  case  there 
should  be  a  surplus  of  the  subscriptions  directed  by  any  such  or- 
der to  be  expended  on  any  such  divisions  left  after  completing 
the  grading,  tieing  and  bridging  of  such  division  or  divisions, 
then  such  surplus  may  be  expended  on  some  other  part  of  the 
road. 

SEC.  7.  This  Act  shall  have  all  the  force  and  effect  of  a  pub- 
lic Act,  and  shall  take  effect  and  be  in  force  from  and  after  its 
passage. 

Approved,  February  16, 1857. 


STATE  OF  ILLINOIS,  ) 

United  States  of  America,  j  ss* 

I,  O.  M.  Hatch,  Secretary  of  State,  within  and  for  the  afore- 
said State  of  Illinois,  certify  that  the  aforegoing  pages  contain 
full  and  accurate  copies,  from  the  originals  in  my  office,  of  four 
acts  of  the  General  Assembly  of  said  State,  and  that  said  acts 
were  severally  appoved,  and  became  laws  of  said  State,  at  the 
times  mentioned  in  said  copies  ;  which  four  acts  are  respectively 
entitled  as  follows :  1st,  "An  act  to  construct  a  railroad  from 
Jacksonville,  in  Morgan^County,  to  La  Salle,  in  La  Salle  County:" 
2d,  "An  act  to  amend  an  act  entitled,  an  act  to  construct  a  rail- 


64 

road  from  Jacksonville,  in  Morgan  County,  to  La  Salle,  in  La 
Salle  County:"  3d,  ,"An  act  to  amend  the  Charter  of  the  Illinois 
River  Railroad  Company :"  "An  act  to  amend  an  act  entitled, 
'  An  act  to  construct  a  railroad  from  Jacksonville,  in  Morgan 
County,  to  La  Salle,  in  La  Salle  County,  approved  February  llth 
1853 ;'  and  also  to  amend  an  act  entitled,  '  AJI  act  to  amend  an 
act  entitled,  An  act  to  construct  a  railroad  from  Jacksonville,  in 
Morgan  County,  to  La  Salle,  in  La  Salle  County,  approved 
March  1st  1854.'" 

In  Witness  whereof,  I  have  hereunto  set  my 
hand  and  caused  the  great  seal  of  State  to 
[SEAL.]  be  affixed.     Done  at  the  City  of  Spring- 

field, this  26th  day  of  April,  in  the  year 
of  our  Lord,  one  thousand  eight  hundred 
and  fifty-eight. 

0.  M.  HATCH, 

Secretary  of  State. 


COPY  OF  ONE  OF  THE  1320  BONDS 


SECURED    BT 


0f  Crust. 


No. .  $1,000. 

UNITED  STATES  OF  AMERICA, 


STATE   OF  ILLINOIS. 


Incorporated  February  llth,  A.  D.  1853. 


Secured  ~by  the  entire  Net  Earnings  of  the  Railroad,  as  a  Sinking 

Fund. 

KNOW  ALL  MEN  BY  THESE  PRESENTS,  that  the  Illinois  River  Rail- 
road Company,  a  body  corporate,  created  by  and  domiciled  in 
the  State  of  Illinois,  hereby  acknowledges  itself  indebted  and 
bound  to  George  T.  M.  Davis,  or  bearer,  in  the  sum  of  one 
thousand  dollars  lawful  money  of  the  United  States  of  America, 
which  sum  the  Illinois  River  Railroad  Company  hereby  promises 
to  pay  at  the  Importers  and  Traders'  Bank,  in  the  city  of  New 
York,  to  the  said  George  T.  M.  Davis,  or  bearer,  on  the  first  day 
of  January,  A.  D.  1880,  with  interest  from  and  after  June  30th, 
1859,  at  tne  rate  of  ten  per  centum  per  annum,  payable  semi- 
annually  at  said  Importers  and  Traders'  Bank,  in  said  city  of 
New  York,  on  the  first  days  of  January  and  July  in  each  year 
after  June  30th,  1859,  on  presentation  and  surrender  of  the 
annexed  dividend  or  interest  warrants. 

This  bond  is  one  of  a  series  of  seven  hundred  and  twenty 
bonds  for  one  thousand  dollars,  each  numbered  from  one  to  seven 
5 


66 

hundred  and  twenty,  both  inclusive,  and  of  six  hundred  bonds 
for  five  hundred  dollars  each,  numbered  from  seven  hundred  and 
twenty-one  to  thirteen  hundred  and  twenty,  both  inclusive,  and 
amounting  in  the  aggregate  to  ONE  MILLION  AND  TWENTY  THOUSAND 
DOLLARS,  and  which  have  been  made  and  executed  by  said  Illinois 
River  Railroad  Company,  under  express  authority,  granted  by 
several  acts  of  the  General  Assembly  of  the  State  of  Illinois,  and 
for  the  purposes  authorized  by  and  specified  in  said  acts.  And 
as  security  for  the  payment  to  the  holders  of  said  issue  of  said 
thirteen  hundred  and  twenty  bonds,  with  the  interest  to  grow 
due  thereon,  the  said  Illinois  River  Railroad  Company  has  duly 
executed,  acknowledged,  and  delivered,  under  the  authority  of 
said  special  acts,  and  of  resolutions  unanimously  passed  and 
adopted  by  its  Board  of  Directors,  to  Lucius  Hopkins,  George  T. 
Cobb,  and  Alexander  Studwell,  as  Trustees,  a  mortgage,  or  deed 
of  trust,  bearing  even  date  herewith,  and  whereby  all  the  real 
and  personal  property,  rolling  stock,  franchises  and  effects,  now 
owned  or  acquired,  or  hereafter  to  be  owned  or  acquired  by  it, 
are  mortgaged  and  conveyed  to  said  trustees,  and  the  survivors 
of  them,  as  by  reference  to  said  mortgage  or  deed  of  trust,  or  the 
record  thereof,  will  more  fully  appear,  and  to  which  and  to  all 
the  terms  and  provisions  thereof,  reference  is  hereby  specially 
made. 

And  as  a  further  security  for  the  payment  to  the  holders  of 
said  issue  of  said  thirteen  hundred  and  twenty  bonds,  with  the 
interest  thereon  to  grow  due,  the  said  Illinois  River  Railroad 
Company  has,  in  the  manner  and  upon  the  terms  and  conditions 
specified  in  said  mortgage  or  deed  of  trust,  irrevocably  pledged 
the  entire  net  income  of  its  railroad  for  the  payment  of  the 
interest  due  or  to  grow  due  upon  said  bonds,  and  for  the  creation 
and  maintenance  of  a  SINKING  FUND,  to  be  applied  to  the  payment 
and  redemption  of  all  said  bonds,  both  principal  and  interest,  in 
the  mode  and  manner  specified  in  said  mortgage  or  deed  of  trust, 
and  to  which  reference  is  hereby  specially  made  as  a  part  hereof. 
And  it  is  expressly  agreed  by  and  between  said  Illinois  River 
Railroad  Company  and  the  several  holders  of  said  thirteen  hun- 
dred and  twenty  bonds,  that  the  same  are  issued  or  negotiated, 
and  are  held,  and  are  to  be  held,  subject  to  redemption,  by  lot  or 
otherwise,  out  of  said  SINKING  FUND,  at  any  time  before  January 


tt 

1st,  A-  I)-  1880,  in  the  manner  specified  in  £aid  mortgage  or  deed 
of  trust,  .and  the  same  are  made,'  executed,  or  Issued,  and  held 
expressly  subject  to  their  payment  and  redemption  before  the 
maturity  thereof,  out  of  said  SINKING  FUND. , 

And  it  is  hereby  further  expressly'  agreed  by  and  between 
said  Illinois  River  Railroad  Company  .and  the  several  holders  of 
said  thirteen  hundred  and  twenty  bonds,  that  in  case  said  Illinois 
River  Railroad  Company  shall  for  the  space  of  thirty  days  make 
default  in  the  payment  of  the  semi-annual  interest  due  or  to 
become  due  on  any  or  either  of  said  bonds,  or  in  case  it  shall 
fail  to  pay  over  to  said  SINKING  FUND,  as  provided  in  said  mort- 
gage or  deed  of  trust,  the  entire  net  earnings  of  its  railroad,  then 
and  in  either  of  said  cases,  after  the  lapse  of  said  thiry  days,  the 
whole  principal  sum  mentioned  in  each  and  all  of  said  bonds 
shall  immediately  thereafter  become  due  and  payable,  anything 
herein  contained  to  the  contrary  thereof  notwithstanding,  and  in 
case  default  shall  be  made  either  in  the  payment  of  said  semi- 
annual interest  as  aforesaid,  or  in  payment  of  said  net  earnings  to 
said  sinking  fund  as  aforesaid,  then,  and  in  either  of  said  cases, 
said  Trustees  are  bound  and  obligated  by  the  very  terms  of  said 
mortgage  or  deed  of  trust,  after  the  lapse  of  thirty  days  as  afore- 
said, at  the  request  of  two  or  more  holders  of  said  bonds,  to  fore- 
close said  mortgage  or  deed  of  trust,  and  out  of  the  proceeds  of 
the  sale  of  the  mortgaged  premises,  to  pay  all  said  thirteen  hun- 
dred and  twenty  bonds,  both  principal  and  interest. 

^ 

IN  •WITNESS  WH>RKOF,  the  said  Illinois  River  Railroad  Com- 
pany has  caused  this  bond  to  be  signed  by  its  President, 
and  attested  by  its  Secretary,  and  its  corporate  seal  to 
be  hereunto  affixed,  at  its  office  in  the  city  of  Pekin, 
in  the  county  of  Tazewell,  and  State  of  Illinois,  under 
the  express  authority  of  resolutions  of  its  Board  of 
Directors,  this  first  day  of  November,  in  the  year  of 
our  Lord  one  thousand  eight  hundred  and  fifry-eight. 

Secretary. 
President. 

THIS  is  to  certify  that  the  above  bond  is  one  of  thirteen  hundred  and 
twenty  bonds  which  are  embraced  in  a  mortgage,  or  deed  of  trust,  bearing 
even  date  herewith,  made  and  executed  by  the  Illinois  River  Railroad 


68 

Company,  whereby  all  ifs  real  and  personal  property,  rolling  stock,  equip- 
ment, franchises  and  effects,  acquired  and  to  be  acquired,  are  mortgaged 
and  conveyed  to  us,  as  Trustees,  as  security  for  the  payment  of  all  said 
bonds.  And  which  mortgage,  or  deed  of  trust,  has  been  recorded  in  the 
several  counties  of  Illinois  through  which  the  railroad  of  said  Company 
runs ;  and  constitutes,  and  is,  the  first  lien  or  incumbrance  upon  the 
property  therein  described. 

Trustees. 


COPY  OF  MORTGAGE,  OR  DEED  OF  TRUST. 

(£1)13  Inbcntttrt,  made  this  first  day  of  November,  in  the 
year  of  our  Lord  One  thousand  eight  hundred  and  fifty  eight, 
BETWEEN  the  ILLINOIS  E-IVEK  RAILROAD  COMPANY — a  body  cor- 
porate, created  by  and  under  certain  special  acts  of  the  General 
Assembly  of  the  State  of  Illinois, — party  of  the  first  part,  and 
ALEXANDER  STUDWELL,  Lucius  HOPKINS  and  GEORGE  T.  COBB,  all 
residing  or  doing  business  in  the  City  and  State  of  New  York, 
parties  of  the  second  part,  WITOESSETH: 

Whereas,  the  said  party  of  the  first  part  is  expressly  author- 
ized and  empowered,  in  and  by  its  charter,  and  other  special  acts 
of  said  General  Assembly,  amendatory  thereof,  or  supplementary 
thereto,  to  borrow  money  for  the  objects  and  purposes  therein 
specified  ;  and  for  such  authorized  objects  and  purposes,  said 
party  of  the  first  part  is  desirous  of  borrowing  a  sum  not  exceed- 
ing ONE  MILLION  and  TWENTY  THOUSAND  DOLLARS,  and  of  secur- 
ing the  payment  of  its  corporate  bonds  or  obligations  issued  or 
negotiated  therefor,  by  a  mortgage  or  deed  of  trust  to  said  parties 
of  the  second  part  as  trustees  as  hereinafter  set  forth  and  provided. 
And  whereas,  under  and  pursuant  to  lawful  authority  confer- 
red by  said  charter  and  special  acts  aforesaid,  the  Board  of 
Directors  of  said  party  of  the  first  part,  have  unanimously  Re- 
solved, in  substance  and  legal  effect,  every  member  of  said  Board 
being  present, — that  said  ILLINOIS  RIVER  RAILROAD  COMPANY 
make,  execute,  issue,  negotiate  and  deliver  under  its  corporate 


seal,  its  corporate  bonds  bearing  even  date  herewith,  severally 
payable  to  George  T.  M.  Davis,  or  bearer,  at  the  IMPORTERS  AND 
TRADERS'  BANK,  in  the  City  of  New  York,  on  the  first  day  of  Jan- 
uary, A.  D.  1880,  with  interest,  from  and  after  June  30th,  1859, 
at  the  rate  of  TEN  PER  CENTDM  per  annum,  payable  at  the  same 
BANK,  semi-annually,  as  follows,  that  is  to  say, — tha.t  720  of  said 
bonds  be  made  or  issued  for  the  sum  of  $1,000,  each,  and  that 
600  of  said  bonds  be  made  or  issued  for  $500  each,  in  all  1320 
bonds,  in  the  aggregate  amounting  to  $1,020,000  and  no  more — 
and  that  for  the  purpose  of  a  more  specific  identification  thereof, 
that  said  1320  bonds  be  numbered  in  a  consecutive  series,  from 
number  one  to  number  thirteen  hundred  and  twenty,  both  inclu- 
sive, and  that  upon  the  face  of  each  bond  shall  be  printed  or  en- 
graved a  certificate,  signed  by  two  or  all  of  the  parties  of  the 
second  part  hereto,  to  the  effect  that  such  bond  is  one  of  the  1320 
bonds  intended  to  be  secured  by  these  presents. 

And  whereas,  said  Board  of  Directors  have  further  unani- 
mously Resolved, — under  and  pursuant  to  lawful  authority  con- 
ferred upon  said  party  of  the  first  part  by  its  charter  and  special 
acts  aforesaid,  in  substance  and  legal  effect, — that  the  President 
and  Secretary  of  said  party  of  the  first  part,  execute  and  acknow- 
ledge in  its  name,  and  on  its  behalf,  and  under  its  corporate  seal, 
deliver  to  said  parties  of  the  second  part  hereto,  a  mortgage  or 
deed  of  trust,  conveying,  assigning  and  transferring  to  them  in. 
trust  all  its  corporate,  real  and  personal  property,  franchises,  and 
effects,  as  security  for  the  payment  of  said  1320  bonds  and  the 
interest  due  and  to  grow  due  thereon;  and  that  such  mortgage  or 
•  deed  of  trust  should  contain  all  and  singular  the  covenants,  pro- 
visos, and  conditions  hereinafter  set  forth,  and  that  such  mortgage 
or  deed  of  trust,  and  the  1320  bonds  thereby  secured,  be  severally 
dated  November  1st,  A.  D.  1858. 

And  whereas,  said  1320  bonds  contain  express  agreements, 
stipulations  or  provisions,  in  substance  and  legal  effect  a^  follows 
— in  case  said  party  of  the  first  pat-thereto  shall,  for  the  space  of 
thirty  days  make  default  in  the  payment  of  the  semi-annual  in- 
terest due  or  to  become  due  upon  any  or  either  of  said  1320 
bonds  ;  or  in  case  said  party  of  the  first  part  shall  fail,  as  herein- 
after provided  and  covenanted,  to  create  and  maintain  a  SINKING 
FUND  to  be  applied  in  payment  of  said  1320  bonds  and  the  inter- 


70 

est  due  or  to  grow  due  thereon  as  hereinafter  mentioned, — that 
then,  and  in  either  of  said  cases,  after  the  lapse  of  thirty  days,  the 
•whole  principal  sum  of  each  and  all  said  1320  bonds  shall  imme- 
diately become  due  and  payable,  anything  in  said  bonds  to  the 
contrary  thereof  notwithstanding.  t 

NOW,  THEREFOEE,  THIS  INDENTURE  WITNESS-, 
ETH,  That  the  said  ILLINOIS  RIVER  RAILROAD  COMPANY,  the  party 
of  the  first  part  hereto,  under,  pursuant  to,  and  by  virtue  of  the 
express  powers  and  authority  conferred  upon  and  vested  in  it  by 
its  charter  and  said  special  acts  aforesaid, — and  under  and  pur- 
suant to  Resolutions  duly  passed  and  adopted  by  its  Board  of 
Directors, — and  which  are  duly  entered  upon  the  official  minutes 
of  the  said  Board, — and  for  and  in  consideration  of  the  foregoing 
premises,  and  especially  for  the  purpose  and  with  the  intent  of 
the  better  and  more  effectually  securing  the  payment  of  said  1320 
bonds  with  the  interest  due  and  to  grow  due  thereon, — and  for 
and  in  consideration  of  one  dollar-  and  other*  moneys,  -lawful 
money  of  the  United  States  of  America,  by  said  parties  of  the 
second  part  hereto,  in  hand  fully  and  truly  paid  to  the  said  party 
of  the  first  part  hereto,  before  the  ensealing  and  delivery  of -these 
presents,  the  receipt  whereof  is  hereby  acknowledged, — HATH 
granted,  bargained,  sold,  assigned,  transferred  and  set  over,  en-~ 
feoffed,  conveyed  and  confirmed,  and  by  these  presents  DOTH 
grant,  bargain,  sell,  assign,  transfer  and  set  over,  enfeoff,  convey 
and  confirm  to  the  said  ALEXANDER  STUDWELL,  Lucius  HOPKINS, 
and  GEOKGE  T.  COBB,  the  said  parties  of  the  second  part,  as  trus- 
tees and  IN  TRUST,  and  to  the  survivors  and  survivor  of  them  and 
to  their  and  his  successors  or  successor,— ALL  and  singular  the 
railroad  of  the  eaid  party  of  the  first  part  hereto,  constructed,  or 
hereafter  to  be  constructed  from  the  town  of  Jacksonville  in 
Morgan  County,  Illinois,  to  the  junction  with  the  Peoria  and 
Hannibal  Railroad,  in  Peoria  County,  Illinois,  and  all  future 
extensions  of  said  railroad  as  now  authorized  by  the  charter  and 
special  acts  aforesaid,  together  with  all  its  lands,  tenements  and 
hereditaments  acquired  and  appropriated,  or  which  shall  here- 
after be  acquired  and  appropriated  for  the  purpose  of  a  right  of 
way,  for  a  single  or  a  double  track  railroad,  and  all  the  appur- 
tenances thereunto  belonging  ;  and  also,  all  its  lands  acquired 
and  appropriated,  or  which  shall  hereafter  be  acquired  aud  ap- 


71 

propriated  for  depots,  engine  houses,  car  houses,  station  houses, 
warehouses,  machine  shops,  work  shops,  superstructures,  erec- 
tions, and  fixtures;  and  also,  'all  and  singular  the  franchises, 
rights  and  privileges  now  owned,  possessed  or  acquired,  or  which 
shall  hereafter  be  owned,  possessed  or  acquired  by  said  party  of 
the  first  part ; — and  also,  all  the  rails,  bridges,  ways,  piers,  depots, 
engine  houses,  car  houses,  station  houses,  warehouses,  machine 
shops,  work  shops,  erections,  superstructure',  fixtures,  privileges, 
franchises  and  rights  of  said  party  of  the  first  part,  and  all  the 
lands,  tenements,  hereditaments,  and  real  estate  acquired  and  ap- 
propriated wheresoever  and  whatsoever,  or  now  owned  by  said 
party  of  the  first  part,  or  which  shall  hereafter  be  owned  by  it ; 
and  also,  all  and  singular  the  locomotives,  tenders,  passenger 
cars,  freight  cars,  and  all  other  cars,  carriages,  tools,  machinery 
and  equipment  for  said  railroad,  and  now  owned,  or  which  shall 
hereafter  be  owned  or  acquired  by  said  party  of  the  first  part ; 
and  also,  all  goods  and  chattels,  now  owned  or  which  shall  here- 
after be  owned  by  said  party  of  the  first  part,  and  in  any  way  re- 
lating or  appertaining  or  belonging  to  or  connected  with  said 
railroad  or  the  running  or  operating  the  same,  together  with  all 
rents,  issues,  income,  profits,  moneys,  rights,  benefits  and  advan- 
tages derived  or  to  be  derived,  had,  or  received  therefrom  by  said 
party  of  the  first  part  in  any  way  whatsoever. 

TO  HAYE  AND  TO  HOLD  all  and  singular  the  premises, 
rights,  franchises,  property,  real  and  personal,  hereinbefore  and 
hereby  assigned,  mortgaged,  pledged  and  conveyed,  or  intended 
so  to  be,  and  every  part  and  parcel  thereof,  with  all  tbe  appurte- 
nances unto  the  same  belonging  or  in  anywise  appertaining,  unto 
them  the  said  ALEXANDER  STUDWELL,  Lucius  HOPKINS  and  GEORGE 
T.  COBB,  the  said  parties  of  the  second  part  hereto,  and  to  the  sur- 
vivors and  survivor  of  them,  and  to  their  and  his  successors  and 
successor,  and  their  and  his  assigns,  IN  TRUST  for  the  person  or 
persons,  firm  or  firms,  bodies  politic  or  corporate  who  have  here- 
tofore, or  who  shall  hereafter,  ati'any  time,  become  the  purchasers, 
or  holders,  or  owners  of  any  or  either  of  said  1320  bonds  amount- 
ing in  the  aggregate  to  $1,020,000  and  no  more, — subject  to  the 
terms,  provisos,  and  stipulations  in  said  1320  bonds  contained, — 
and  subject  also  to  the  provisions  of  the  several  acts  of  the  said 
General  Assembly  of  the  State  of  Illinois  affecting  or  relating  to 


72 

or  binding  upon  the  said  party  of  the  first  part, — and  also  subject 
to  the  possession  and  management  of  said  railroad  and  property 
by  said  party  of  the  first  part  and  its  successors  or  assigns,  so 
long  as  no  default  shall  be  made  in  the  payment  of  either  the  in- 
terest or  principal  of  said  1320  bonds,  or  any  or  either  of  them, 
and  so  long  as  the  said  party  of  the  first  part  shall  well  and  truly 
observe,  keep  and  perform  all  and  singular  the  covenants,  agree- 
ments, conditions  and  stipulations  in  said  1320  bonds,  and  in  this 
indenture  contained  and  set  forth,  and  which  are  to  be  observed, 
kept  and  performed  by  and  on  the  part  of  said  party  of  the  first 
part. 

And  the  said  ILLINOIS  RIVER  RAILROAD  COMPANY,  the  party 
of  the  first  part,  HATH  covenanted  and  agreed,  and  by  these 
presents  DOTH,  for  itself,  its  successors  and  assigns,  covenant 
and  agree  to  and  with  the  said  parties  of  the  second  part  hereto, 
and  the  survivors  and  survivor  of  them  and  their  and  his  success- 
ore  or  successor,  in  manner  and  form  following,  that  is  to  say  : — • 

FIRST — That  said  ILLINOIS  RIVER  RAILROAD  COMPANY,  the  party 
of  the  first  part,  and  its  successors,  shall  and  will  pay  or  cause  to 
be  paid  all  taxes,  charges,  rates,  levies,  and  assessments  imposed, 
assessed  or  levied,  or  which  may  hereafter  be  imposed,  assessed  or 
levied  upon  the  premises,  franchises  and  property  hereby  mort- 
gaged, conveyed  and  assigned  or  intended  so  to  be  ;  and  shall  and 
will,  at  its  own  proper  cost,  expense  and  charges,  do  or  cause  to 
be  done  all  acts  and  things  necessary  or  proper  to  be  done  or 
performed,  in  order  to  preserve  and  keep  valid  and  intact  the  line 
or  encumbrance  upon  all  and  singular  the  aforesaid  premises,  pro- 
perty and  franchises,  hereby  created  or  intended  so  to  be ;  and 
further,  that  the  lien  or  encumbrance,  created  by  the  execution 
and  delivery  of  this  indenture,  constitutes,  arid  is,  in  fact,  the  first 
valid  lien  and  encumbrance  upon  the  premises,  property  and 
franchises  there  indescribed ;  and  further,  that  said  ILLINOIS  RIVER 
RAILROAD  COMPANY  and  its  successors,  shall  not  and  will  not,  at 
any  time  hereafter,  take,  or  in  any  way  or  manner  use,  interpose, 
or  avail  itself  of  any  extensio'n  laws,  stop  laws,  valuation  laws, 
appraisement  laws,  or  any  other  laws  of  said  State  of  Illinois, 
now  in  force,  or  hereafter  to  be  enacted  and  in  force  in  said  State, 
and  which  alter,  affect  or  impair, — or  which  are  designed,  intend- 
ed or  construed  to  alter,  affect  or  change  the  rights  and  interests 


73 

of  said  parties  of  the  second  part,  as  herein  declared,  or  which 
shall  in  any  way  impede  or  obstruct  the  mode  or  manner  of  rea- 
lizing, perfecting  or  enforcing  the  rights  and  interests  of  any  of 
the  holders  or  owners  of  said  1320  bonds,  as  herein  provided, — 
or  which  shall  affect,  change  or  alter  the  time,  place,  mode,  means 
or  manner  of  perfecting,  enjoying  or  enforcing  any  of  such  rights 
or  interests  as  the  same  are  herein  declared. 


SECONDLY. — That  said  ILLINOIS  RIVER  RAILROAD  COMPANY,  the 
party  of  the  first  part,  and  its  successors,  shall  and  will,  at  any 
time,  or  times,  hereafter,  and  from  time  to  time,  execute,  acknow- 
ledge and  deliver,  under  its  corporate  seal,  to  the  said  parties  of 
the  second  part  and  the  survivors  and  survivor  of  them,  and  their 
and  his  successors  or  successor,  all  such  further  and  other  assur- 
ances, deeds,  mortgages,  obligations,  transfers,  indentures  and 
instruments  in  writing,  and  shall  and  will  do  and  perform  all 
such  further  or  other  acts  or  things,  as  shall  or  may  be  proper  or 
necessary,  or  as  their  or  his  counsel,  learned  in  the  law,  shall 
eem  necessary,  pro  pe  r  or  expedient  for  the  better  or  more  effect- 
ually securing  the  payment  of  said  1320  bonds  and  the  interest 
due  or  to  grow  due  thereon,  or  for  carrying  into  effect  the  true 
intent,  design,  objects  and  purposes  of  these  presents, — or  mak- 
ing, preserving,  continuing  and  keeping  valid  and  effectual  the 
lien  and  encumbrance  created  or  intended  to  be  created  by  the 
execution,  delivery  and  recording  of  this  indenture,  upon  all  the 
property,  real  and  personal,  rolling  stock,  equipment,  franchises 
and  effects,  now  owned,  possessed  or  acquired,  or  which  shall 
hereafter  be  owned,  possessed  or  acquired  by  said  party  of  the 
first  part. 


THIRDLY. — And  for  the  purpose  of  further  and  more  effectually 
securing  the  payment  of  said  1320  bonds,  together  with  the  in- 
terest due  or  to  grow  due  thereon,  that  said  ILLINOIS  RIVER  RAIL- 
ROAD COMPANY,  the  party  of  the  first  part  hereto,  and  its  success- 
ors, shall  and  will  pay  or  cause  to  be  paid,  as  hereinafter  men- 
tioned, to  the  said  Importers  and  Trader^  Bank^  in  said  city  of 
New  York,  to  the  credit  of  its  "  Permanent  Treasurer"  in  said 


74: 

city,  the  entire  net  earnings  and  receipts  of  its  said  Railroad,  at 
the  time,  in  the  manner,  for  the  purposes,  and  as  provided  in  and 
by  a  certain  agreement  or  running  arrangement,  made  by  said 
party  of  the  first  part  hereto  with  the  Chicago  and  Rock  Island 
Railroad  Company,  bearing  date  on  or  about  the  27th  day  of 
September,  A.  D.  1858  ;  and  that  said  agreement  or  running  ar- 
rangement, so  made,  as  last  aforesaid,  while,  and  so  long  as  any 
of  said  1320  bonds  are  outstanding,  or  unredeemed,  or  unpaid, 
shall  not  be  annulled  or  abrogated,  nor  altered,  changed,  or  in 
any  manner  modified,  so  as  to  diminish  or  otherwise  to  divert  or 
afiect  the  payment  of  said  net  earnings  and  receipts  to  said  Im- 
porters and  Traders'  Bank,  to  the  credit  of  said  "  Permanent 
Treasurer,"  as  now  provided  therein,  unless  the  consent  in  writ- 
ing thereto  of  said  parties  of  the  second  part  hereto,  or  of  the 
survivors  or  survivor  of  them  or  their  or  his  successors  or  suc- 
cessor, shall  be  first  had  and  obtained ;  and  further,  that  said  ILLI- 
NOIS RIVER  RAILROAD  COMPANY,  the  party  of  the  first  part  hereto, 
and  its  successors,  shall  and  will  create  and  maintain,  with  and 
out  of  the  jiet  earnings  and  receipts  of  its  railroad,  so  to  be  paid 
over  to  the  said  Importers  and  Traders''  Bank,  to  the  credit  of  its 
"  Permanent  Treasurer,"  in  the  City  of  New  York,  two  funds ; 
one  to  be  denominated  a  "  DEPRECIATION  FUND,"  and  the  other  a 
SINKING  FUND  ; — that  ten  per  cent,  of  said  annual  net  earnings  and 
receipts  shall  be  annually  set  apart  and  held  by  said  "  Permanent 
Treasurer"  as  and  for  said  Depreciation  Fund,  to  be  used  and  ap- 
plied by  him  in  keeping  the  rails  and  ties  of  said  railroad  in  con- 
stant and  safe  working  order,  and  also  in  meeting  any  extraordi- 
nary outlay  in  repairs  of  the  track,  bridges  and  trestle  work  con- 
nected with  or  belonging  to  said  railroad,  and  which  may  have 
been  occasioned  by  unforeseen  accidents  or  casualties — and  that 
the  first  payment  or  appropriation  towards  the  creation  of  said 
Depreciation  Fund  shall  be  made  on  the  first  day  of  January,  A. 
D.  1860  ;  and  that  the  entire  residue  of  said  earnings  and  receipts, 
so  to  be  paid  over  to  said  Importers  and  Traders'  Bank,  shall  be 
set  apart  and  held  by  said  "  Permanent  Treasurer  "  for  the  spe- 
cial purposes  following,  namely  :  First — That  said  "  Permanent 
Treasurer"  shall  semi-annually  apply  so  much  and  such  part 
thereof  as  shall  be  necessary  to  meet  and  pay  the  semi-annual  in- 
terest due,  or  which  hereafter  shall  become  due  on  each  and  all 


75 

of  said  1320  FirBt  Mortgage  bonds;  and  which  shall  or  may  be 
necessary  to  meet  and  pay  the  semi-annual  interest  which  shall 
hereafter  accrue  on  an  issue  of  Second  Mortgage  bonds  by  the 
said  party  of  the  first  part ;  PROVIDED,  however,  that  only  so  much 
of  said  net  earnings  and  receipts  shall  be  used  and  applied  in 
payment  of  interest  on  mortgage  bonds  as  last  aforesaid,  as  shall 
be  necessary  to  pay  the  interest  which  shall  accrue  upon  said 
First  and  Second  mortgage  bonds,  amounting  together  and  in  the 
aggregate,  at  no  one  time,  to  more  than  $1,300,000.     SECONDLY 
—That  the  entire  residue  and  remainder  of  said  earnings  and  re- 
ceipts so  to  be  paid  over  to  said  Importers  and  Traders'  Bank, 
to  the  credit  of  said  "  Permanent  Treasurer,"  shall  be  by  him  set 
apart  as  and  for  said  Sinking  Fund,  and  shall  be  held  bj  him 
subject  to  the  order  of,  and  to  be  used  and  applied  (together  with 
all  other  moneys  which  hereafter  shall  be  had  or  appropriated 
from  any  source  by  said  party  of  the  first  part  to  the  sameFund), 
by  the  said  parties  of  the  second  part  hereto,  or  the  survivors  or 
survivor  of  them,  or  his  or  their  successors  or  successor,  in  the 
payment  or  redemption  at  par,  or  under  par,  of  so  many  of  said 
1320  bonds  as  such  Sinking  Fund  shall,  from  time  time,  be  suffi- 
cient or  adequate  to  pay  and  redeem.     It  being  understood  and 
agreed  between  the  parties  hereto,  that  in  case  the  holders  of  said 
1320  bonds  shall  refuse  to, surrender  for  cancellation  such  an 
amount  thereof  as  shall  be  sufficient  to  exhaust,  and  to  keep  ex- 
hausted, from  time  to  time,  said  Sinking  Fund,  then,  and  .in  such 
case,  it  shall"  be  the  imperative  duty  of  said  parties  of  the  second 
part,  and  the  survivor  and  survivors  of  them,  their  and  his  suc- 
cessors and  successor,  annually,  from  and  after  the  first  day  of 
January,  A.  D.  1861,  at  said  Importers  and  Trader^  Banlc,  in 
the  City  of  New  York,  to  determine  by  lot,  in  a  fair  and  impartial 
manner,  which  of  said  bonds  shall  be  subject  to  payment  and 
redemption-,  at  par,  out  of  said  Sinking  Fund,  in  manner  follow- 
ing, that  is  to  say — the  numbers  upon  all  the  then  outstanding 
and  unpaid  First  mortgage  bonds  shall  be  placed  in  a  box,  each 
number  on  a  single  slip  of  paper,  and  so  many  and  only  so  many 
of  said  slips  of  paper  shall  then  be  drawn  by  one  of  the  parties 
of  the  second  part  hereto  from  said  box,  as  shall  be  sufficient,  in 
the  amount  of.  the  bonds,  represented  by  the  numbers  on  such 
slips,  to  exhaust  the  said  Sinking  Fund  j  and  the  holders  of  the 


76 

bonds,  corresponding  in  the  numbers  thereon  with  the  numbers 
on  the  slips  so  drawn,  shall  be  compelled  to  receive  payment  of 
the  principal  thereof  and  any  interest  which  may  be  then  due 
thereon,  out  of  said  Sinking  fund,  and  to  surrender  them,  with 
the  coupons  thereon  thereafter  to  become  due,  to  said  parties  of 
the  second  part  for  cancellation  ;  and  the  same  shall  be  imme- 
diately so  cancelled  and  mutilated  as  to  render  it  impossible  for 
any  of  such  redeemed  bonds  or  the  coupons  or  interest  warrants 
thereon,  to  be  used  or  in  any  manner  pnt  in  circulation  for  any 
purpose  whatever;  and  it  is  hereby  declared  that  all  bonds  so 
drawn  and  thus  made  subject  to  redemption  and  payment  out 
of  said  Sinking  Fund,  shall  thereafter  cease  to  draw  interest,  and 
that  the  lien  hereby  created  for  their  security  shall  thereafter 
cease  and  determine — and  that  public  notice  shall  annually  be 
given  by  advertisement,  signed  by  one  or  more  of  the  parties  of 
the  second  part  hereto,  of  the  numbers  of  the  bonds  so  drawn  and 
made  subject  to  redemption  and  payment  out  of  said  Sinking 
Fund.  It  being  understood  and  agreed  between  the  parties  here- 
to that  the  first  payment,  or  appropriation  towards  the  creation 
of  said  Sinking  Fund  shall  be  made  on  the  first  day  of  July,  A. 
D.  1860. 

FOURTHLY. — That  said  ILLINOIS  RIVER  RAILROAD  COMPANY,  the 
party  of  the  first  part  hereto,  HATH  pledged  and  HEREBY  DOTH 
irrevocably  pledge,  for  the  purposes  and  objects  hereinbefore 
specified  and  in  the  manner  aforesaid,  to  and  with  said  parties  of 
the  second  part  and  the  survivors  and  survivor  of  them,  their 
and  his  successors  and  successor,  the  ENTIRE  NET  earnings  and 
receipts  of  its  railroad  so  long  and  while  any  of  said  1320  bonds 
shall  be  outstanding,  unredeemed  and  unpaid. 

FIFTHLY. — That  said  ILLINOIS  RIVER  RAILROAD  COMPANY,  the 
party  of  the  first  part  hereto,  shall  and  will  well  and  truly  pay 
the  said  sums  of  money  in  said  1320  bonds  mentioned,  together 
with  the  semi-annual  interest  due  or  to  become  due  thereon,  at 
the  rate  of  ten  per  centum  per  annum,  at  the  times,  in  the  man- 
ner, and  at  the  place  specified  therein — and  further,  said  ILLINOIS 
RIVER  RAILROAD  COMPANY  hereby  covenants  and  agrees,  that  in 
case  it  shall  for  the  space  of  thirty  days  make  default  in  the  pay- 


77 

merit  of  the  semi-annual  interest  due  or  to  become  due  upon 
any  or  either  of  said  1320  bonds — or  in  case  it  shall  fail  to  create 
and  maintain  with  and  out  of  the  net  earnings  and  receipts  of  its 
railroad,  as  hereinbefore  provided,  a  Sinking  Fund  for  and  to  be 
applied  in  payment  or  redemption  of  said  1320  bonds  in  the 
manner  hereinbefore  specified, — then,  and  in  either  of  said  cases, 
after  the  lapse  of  said  thirty  days,  the  whole  principal  sum, 
mentioned  in  each  and  all  of  said  1320  bonds,  shall  forthwith  be 
and  become  due  and  payable,  and  the  lien  or  incumbrance  here- 
by created  for  the  security  and  payment  thereof,  may  be  at  once 
enforced,  any  thing  in  said  bonds  or  in  this  indenture  to  the  con- 
trary thereof,  notwithstanding ;  and  that  it  shall  and  may  be 
lawful,  and  the  said  parties  of  the  second  part,  and  the  survivors 
and  survivor  of  them,  and  their  and  his  successors  or  successor, 
are  hereby  expressly  authorized  and  empowered  upon  the  request, 
in  writing,  of  £,ny  two  or  more  holders  of  any  of  said  1320  bonds, 
to  enter  into  and  upon  and  to  take  actual  possession  of  all  and 
singular  the  railroad,  premises,  franchises,  rights,  property,  real 
and  personal,  and  effects  hereby  granted,  conveyed,  assigned, 
mortgaged,  pledged,  transferred  and  set  over,  or  intended  so  to 
be,  as  a  security  for  the  payment  of  said  1320  bonds,  and  by 
themselves,  or  their  agents,  to  take,  collect  and  receive  the  tolls, 
earnings,  income  and  profits  thereof,  and  of  every  part  thereof,  or 
to  be  derived  therefrom  ; — and  that  they,  said  parties  of  the  sec- 
ond part,  and  the  survivors  and  the  survivor  of  them  and  their 
and  his  successors  and  successor,  shall  and  may  proceed,  and  are 
hereby  expressly  authorized  and  empowered  thereupon, — but 
within  such  reasonable  time  as  they  may  deem  proper,  not  less 
than  sixty  days,  and  upon  and  after  public  notice  by  advertise- 
ment of  at  least  ei^ht  weeks  in  one  or  more  newspapers  pub- 
lished in  the  cities  of  Pekin,.  Peoria,  Alton,  Springfield  and 
Chicago  in  said  State  of  Illinois, — to  proceed  to  sell  at  public 
auction,  in  said  city  of  Pekin,  to  the  highest  bidder,  as  well  all 
and  singular,  the  said  railroad,  rights  and  franchises,  as  all  other 
the  property,  real  and  personal,  and  premises  hereby  granted, 
conveyed,  assigned,  mortgaged,  pledged,  transferred  and  set  over 
or  intended  so  to  be,  and  all  benefit  and  equity  of  redemption, 
whatsoever,  of  the  said  ILLINOIS  RIVER  RAILROAD  COMPANY  the 
said  party  of  the  first  part  hereto,  of,  in,  and  to  the  same  and 


78 

every  part  and  parcel  thereof — together  with  the  benefit  of  the 
franchise  belonging  thereto  or  connected  therewith  ;  and  as  the 
attorney  or  attorneys  of  the  said  ILLINOIS  RIVER  RAILROAD  COM- 
PANY, the  party  of  the  first  part  hereto,  for  that  purpose  by  these 
presents  duly  appointed  and  constituted,  the  said  parties  of  the 
second  part  and  the  survivors  and  survivor  of  them,  and  their  and 
his  successors  and  successor  shall  have  full  power  and  authority 
to  make,  execute  and  deliver  to  the  purchaser  or  purchasers 
thereof,  good,  valid  and  sufficient  deed  or  deeds,  conveyance  or 
conveyances,  assignments  or  transfers,  in  fee  simple,  or  otherwise,' 
of  said  railroad,  lands,  tenements  and  real  estate,  and  of  all  and 
singular  the  said  personal  or  other  property,  rights  and  premises 
herelty  granted,  assigned,  transferred  or  conveyed  as  aforesaid — 
which  sale  so  to  be  made  as  aforesaid,  and  which,  deeds,  convey- 
ances, assignments  and  transfers  so  to  be  made  and  delivered  as 
aforesaid,  shall  operate  to  convey,  assign,  transfer  and  vest  in 
said  purchaser  or  purchasers  all  the  right,  title,  interest  and 
estate  whatsoever,  reversionary  or  otherwise,  of  the  said  ILLINOIS 
RIVER  RAILROAD  COMPANY  the  party  of  the  first  part,  of,  in,  and 
to  the  premises  so  sold,  conveyed,  assigned,  or  transferred — and 
which  said  sale  so  to  be  made  shall  be  a  complete  and  a  perpetual 
bar,  both  at  law  and  in  equity,  against  said  ILLINOIS  RIVER  RAIL- 
ROAD COMPANY,  the  party  of  the  first  part,  its  successors  and  assigns, 
and  all  persons  or  parties  claiming  by,  from,  or  under  it  or  them 
in  any  wise  or  manner  whatsoever  ; — and  that  out  of  the  moneys 
or  proceeds  arising  either  from  said  tolls,  earnings  or  receipts  of 
said  railroad  and  premises,  or  out  or  from  said  sale  so  to  be  made 
as  aforesaid,  after  first  deducting  the  expenses,  disbursements, 
costs,  charges  and  counsel  fees  incurred  in  and  about  the  con- 
ducting of  said  sale,  or  the  running  and  operating  said  railroad, 
that  they  the  said  parties  of  the  second  part  and  the  survivors 
and  survivor  of  them,  their  and  his  successors  or  successor,  shall 
pay  said  1320  bonds  or  so  many  as  shall  be  then  outstanding  and 
unpaid,  together  with  all  arrears  of  interest  then  due  or  owing 
upon  the  same,  rendering  or  paying  over  the  surplus  of  all  such 
moneys,  if  any  there  shall  be,  to  the  said  party  of  the  first  part 
hereto,  its  successors  or  assigns. 

THIS  INDENTURE  FURTHER  WITNESSETH,  and  these  presents  are 


79 

upon  the  express  condition,  that  upon  the  payment  in  full  of  said 
1320  bonds  and  the  interest  due  thereon,  then  these  presents  and 
the  estate  hereby  granted,  shall  cease  and  be  void,  and  the  said 
ILLINOIS  RIVER  RAILROAD  COMPANY,  the  party  of  the  first  part, 
shall  be  immediately  and  fully  reinvested  with  the  said  premises, 
hereby  granted,  in  law  and  in  fact,  without  any  entry  or  other 
act  whatever — and  that  until  default  shall  be  made  by  said 
party  of  the  first  part  hereto,  either  in  the  payment  of  said  1320 
bonds,  or  in  the  payment  of  the  interest  due  or  to  grow  due 
thereon,  as  aforesaid,  or  in  keeping  and  observing  any  of  its  cov- 
enants and  agreements  hereinbefore  contained,  the  said  ILLINOIS 
RIVER  RAILROAD  COMPANY,  the  party  of  the  first  part,  and  its 
successors  and  assigns,  shall  remain  in  the  quiet  and  peaceable 
possession  and  enjoyment  of  the  said,  premises  and  property 
hereby  granted  or  conveyed,  or  intended  so  to  be  as  aforesaid. 

THIS  INDENTURE  FURTHER  WTTNESSETH,  and  it  is  hereby  ex- 
pressly agreed,  that  in  case  of  the  death,  resignation,  incapacity, 
or  inability  of  any  or  either  of  the  parties  of  the  second  part  to 
act  in  the  execution  of  any  of  the  trusts  aforesaid,  then  it  shall 
and  may  be  lawful,  and  the  remaining,  acting,  surviving,  or  com- 
petent trustee  or  trustees,  and  the  president,  for  the  time  being, 
of  said  party  of  the  first  part,  are  hereby  empowered  to  select 
and  appoint,  by  an  instrument  in  writing,  under  their  hands  and 
seals,  (which  shall  be  recorded  in  the-  same  offices  where  this 
Indenture  shall  be  recorded,)  one  or  more  competent  persons  to 
fill  the  vacancy  or  vacanies  so  created  in  manner  aforesaid — and 
that  such  person  or  persons  so  appointed  trustee  or  trustees,  shall 
have  and  possess,  and  be  vested  with,  the  same  rights  and 
powers  as  a  trustee  or  trustees  as  he  or  they  would  have  had  and 
possessed,  or  been  vested  with,  had  he  or  they  been  originally 
made  a  party  or  parties  of  the  second  part  to  this  Indenture,  and 
shall  perform  the  same  duties  in  all  respects, — and  until  such 
appointment  shall  be  so  made  in  manner  aforesaid,  and  notwith- 
standing any  vacancy  or  vacancies  as  aforesaid,  said  remaining, 
surviving,  acting,  or  competent  trustee  or  trustees,  shall  have  full 
power  and  authority  to  execute  each  and  all  the  trusts  hereby 
created,  and  their  and  his  acts  in  the  premises  shall  be  as  legal, 
valid  and  effectual  in  all  respects,  and  to  all  intents  and  purposes, 


80 

as  if  the  same  acts  had  been  done  and  performed  by  oil  the 
parties  hereto  of  the  second  part, — and  in  case  said  appointment 
shall  be  made  in  manner  aforesaid,  the  said  party  of  the  first 
part  hereby  covenants  to  make,  execute,  and  deliver,  all  such 
other  or  further  instruments,  deeds,  indentures,  or  assurances,  as 
may  be  necessary  to  enable  the  person  or  persons  so  appointed  to 
execute  the  trusts  hereby  created  and  declared,  as  fully  and  per- 
fectly in  all  respects  as  he  or  they  could  have  executed  the  same 
if  originally  made  a  party  or  parties  of  the  second  part  to  this 
Indenture. 

IN  WITNESS  "WHEREOF,  the  said  Illinois  River  Railroad 
Company,  the  party  of  the  first  part  hereto,  hath  caused 
these  presents  to  be  subscribed  by  its  President  and 
attested  by  its.  Secretary,  and  hath,  under  the  express 
authority  of  a  resolution  of  its  Board  of  Directors, 
[SEAL]  caused  its  corporate  seal  to  be  hereunto  affixed — and 
the  said  parties  hereto  of  the  second  part,  for  the  pur- 
pose of  signifying  their  acceptance  of  the  trusts  herein 
and  hereby  created,  have  hereunto  subscribed  their 
names  and  affixed  their  respective  seals — all  done  the 
day  and  year  first  above  written. 

KICHAED  S.  THOMAS, 

r        President  of  the  Illinois  River  Railroad  Company. 

M.  H.  L.  SCHOOLEY, 

•  i "  Secretary  of  the  Illinois  River  Railroad  Company. 

A.  STUDWELL.  [SEAL]. 

LUCIUS  HOPKINS.    [SEAL]. 

G.  T.  COBB.  [SEAL]. 

SEALED  AND  DELIVERED  ) 
IN  PRESENCE  OF         J 

J.  A.  ARENZ  as  to 

R.  S.  THOMAS  AND  M.  H.  L.  SCHOOLEY. 

J.  C.  LAWRENCE  as  to 

A.  STUDWELL,  Lucius  HOPKINS,  and  G.  T.  COBB. 


81 


STATE  OF  ILLINOIS,       ) 
Cass  County,   ] 

BE  IT  REMEMBEKED,  that  on  this  twenty-second  day  of  Novem- 
ber, 1858,  before  me,  the  undersigned,  a  Notary  Public  within 
and  for  the  county  of  Cass,  and  State  of  Illinois  aforesaid,  duly 
commissioned  and  sworn,  personally  appeared  Richard  S. 
Thomas,  President  of  the  Illinois  River  Railroad  Company, 
and  Mahlon  IT.  L.  Schooley,  the  Secretary  of  ihe  said  Com- 
pany, and  to  me  severally  and  personally  known  as  the 
President  and  tlie  Secretary  of  said  Company,  and  as  the  real 
persons  by  whom  and  in  whose,  names,  as  such  President 
and  Secretary,  the  foregoing  instrument  was  subscribed  and 
executed — and  they  severally  acknowledged  before  me  that 
they  severally  subscribed  and  executed  the  foregoing  instrument 
for  and  in  behalf  of  and  as  the  act  and  deed  of  said  Company, 
for  the  uses  and  purposes  therein  expressed,  under  express  author- 
ity of  resolutions  of  its  Board  of  Directors  duty  passed  and  adopted 
— and  the  said  Richard  S.  Thomas,  President  as  aforesaid,  and 
said  Mahlon  H.  Z.  Schooley,  Secretary  as  aforesaid,  being  by  me 
duly  and  severally  sworn,  severally  deposed  as  follows,  that  he 
knows  the  corporate  seal  of  said  Company,  and  that  the  seal 
affixed  to  the  foregoing  instrument  is  the  corporate  seal  of  said 
Company,  and  was  so  affixed  by  the  express  order  and  direction 
of  its  Board  of  Directors  and  under  the  authority  of  Resolutions 
duly  passed  and  adopted  by  said  Board  and  entered  upon  the 
minutes  of  its  proceedings. 

IN  TESTIMONY  WHEREOF  I  have  hereunto   subscribed  my 
name  and  affixed  my  seal  notarial  this  twenty-second 
[L.  s.]     day  of  November,  A.  D.  1858. 

JOHN  A.  ARENZ, 

Notary  Public  in  and  for  Cass  County, 

and  State  of  Illinois. 


82 


STATE  OF  NEW  YORK, 


Jss. 


CITY  AND  COUNTY  OF  NEW  YORK 

Be  it  remembered  that  on  this  thirteen tli  day  of  Novem- 
ber, A.  D.,  1858,  before  me,  the  undersigned,  a  Commissioner 
in  and  for  the  city  and  county  of  New  York,  appointed 
by  the  Governor  of  the  State  of  Illinois  under  the  laws  of  said 
State,  with  full  power  and  authority  to  administer  oaths  and 
affirmations,  and  to  take  testimony  and  depositions  and  ac- 
knowledgments and  proof  of  deeds  and  instruments  in  writing, 
under  seal,  to  be  used  and  recorded  in  the  said  State  of  Illinois, 
duly  c6mmissioned  and  qualified,  personally  appeared  ALEXANDER 
STUDWELL,  Lucius  HOPKINS  and  GEORGE T.  COBB,  tome  personally 
known  as  the  persons  described  in  and  who  executed  the  fore- 
going instrument,  and  they  severally  acknowledged  that  they 
had  executed  the  same  for  the  uses  and  purposes  therein  speci- 
fied. 

IN  TESTIMONY  WHEREOF  I  have  hereunto  subscribed 
my  name  and  affixed  my  official  seal,  the  day 
[L.  s.]  and  year  above  written. 

JOSEPH  C.  LAWKENCE, 

Commissioner  for  the  State  of  Illinois, 

in  and  for  the  County  of  New  York. 


CERTIFICATES 

OF  THE 

bhtg  of  %  Jfamjomg  UJorfpflt  0r  gwb  nf 


ENDORSED   ON   TUE   SAME. 


RECORDER'S  OFFICE. 
STATE  OF  ILLINOIS,  ) 
Peoria  County,   \ 

I,  ENOCH  F.  SLOAN,  Clerk  of  the  Circuit  Court  in  and  for  the 
county  of  Peoria,  in  the  State  of  Illinois,  and  ex-offitio  Recorder 
of  Deeds  in  said  county,  do  hereby  certify,  that  the  annexed  mort- 
gage or  trust  deed  was  filed  for  record  in  my  office  on  the  26th 
day  of  November,  A.  D.  1858,  at  half  past  9  o'clock  A.  M.,  and 
has  been  duly  recorded  forthwith,  with  the  accompanying  Certifi- 
cates, on  pages  324  and  following,  in  Book  Z  A,  in  said  Recorder's 
office. 

IN  WITNESS  whereof,  I  hereto  set  my  hand  and  affix  the 
seal  of  the   said   Circuit  Court,  at  my  office  in 
[L.  s.]          Peoria,  this  27th  day  of  November,  A.  D.  1858. 

ENOCft  P.  SLOAN, 

Clerk  and  Recorder. 


STATE  OF  ILLINOIS, 
Taz&wdl  County,  \  ss' 
I,  MERRILL  C.  YOUNG,  Clerk  of  the  Circuit  Court  and  ex-officio 
Recorder  of  Deeds  within  and  for  said  county  and  State  aforesaid, 
do  hereby  certify  that  the  foregoing  and  within  mortgage  or 
trust  deed  was  entered  for  record  and  duly  recorded  in  my  said 
office  of  Recorder  for  said  Tazewell  County,  in  Book  marked 
"  H."  "  Mortgages,"  commencing  on  page  492  thereof,  and  con- 
tinued on  the  succeeding  pages  until  the  record  of  the  same  is 
fully  completed,  on  this  2(ith  day  of  November,  A.  D.  1858. 

WITNESS  my  hand  and  official  seal,  at  the  city  of  Pekin, 
[L.  s.]          the  day  and  year  last  aforesaid, 

MERRILL  C.  YOUNG, 

Clerk  and  Ex-officio  Recorder  of  Deeds,  within  and  for  said  County  and  State. 


84 
STATE  OF  ILLINOIS,      ) 

>   fiGt 

County  of  Mason,  j 

I,  RICHARD  RITTER,  Clerk  of  the  Circuit  Court,  and  ex-qfficio 
Recorder  of  Deeds,  &c.,  within  and  for  the  aforesaid  county  and 
State,  do  hereby  certify  that  the  annexed  and  foregoing  deed  of 
trust  or  mortgage  (executed  by  the  Illinois  River  Railroad  Com- 
pany), to  Alexander  Studwell,  Lucius  Hopkins,  and  George  T. 
Cobb,  trustees,  &c.,  dated  November  1st,  1858),  was  duly  filed  in 
my  said  office  of  Recorder,  and  duly  recorded  in  Book  K  of 
mortgages,  on  page  201  and  the  next  following  pages,  on  the 
29th  day  of  November,  A.  D.,  1858.  • 

IN  TESTIMONY  whereof,  I  have   hereunto  subscribed   my 

name  and  affixed  the  seal  of  said  Court  (which  is 

[L.  s.]  my  official  seal),  at  my  office  in  Havana,  in  said 

county  and   State,,  this   30th   day^  of  November, 

A.  D.  1858. 

R.  RITTER, 

Clerk  of  the  Circuit  Court,  and-Ex-officio  Recorder  of  Deeds,  &c., 
within  and  for  the  County  and  State  aforesaid. 


STATE  OF  ILLINOIS,  ) 
County  of  Cass,  } 

I,  JAMES  TAYLOE,  Clerk  of  the  Circuit  Court,  and  ex-officio  Re- 
corder of  Deeds,  &c.,  within  and  for  the  aforesaid  county  and  State, 
do  hereby  certify  that  the  annexed  and  foregoing  mortgage  or 
deed  of  trust  (executed  by  the  Illinois  River  Railroad  Company 
to  Alexander  Studwell,  Lucius  Hopkins,  and  George  T.  Cobb, 
trustees,  &c.,  bearing  date  November  1st,  A.  D.  1858),  was  duly 
filed  and  recorded  in  my  said  office  of  Recorder,  on  £he  23d  day 
of  November,  A.  D.  1858,  in  Book  D  of  Mortgages,  on  page  503 
and  the  next  following  pages. 

IN  TESTIMONY  whereof,  I  have  hereunto  subscribed  my  name 

and   affixed  the  seal  of   said  court  (which  is,  my 

[L.  s.]  -          official  seal),  at  my  office  in  Beardstown,  in  said 

county  and  State,   this  23d   day  of  November, 

A.  D.  1858. 

JAMES  TAYLOR, 

Clerk  of  the  Circuit  Court,  and  Ex-officio  Recorder  of  Deeds,  &c.. 
within  and  for  the  County  and  State  aforesaid. 


85 

STATE  OF  ILLINOIS.       ) 
County  of  Morgan,  f  88' 

I,  CHARLES  HARDIN,  Clerk  of  the  Circuit  Court,  and  ex-ojficio 
Recorder  of  Deeds,  &c.,  within  and  for  the  aforesaid  county  and 
State,  do  hereby  certify  that  the  annexed  and  foregoing  mortgage 
or  deed  of  trust  (executed  by  the  Illinois  River  Railroad  Com- 
pany to  Alexander  Studwell,  Lucius  Hopkins,  and  George  T. 
Cobb,  trustees,  &c.,  bearing  date  November  1st,  A.  D.  1858), 
was  duly  filed  and  recorded  in  my  said  office  of  Recorder  on  the 
24th  day  of  November,  A.  D.  1858,  in  Book  N  of  Mortgages, 
on  pages  65,  66,  67,  68,  69,  70,  71,  72,  73,  and  74. 

IN  TESTIMONY  whereof,  I  have  hereunto  subscribed  my 

name  and  affixed  the  seal  of  said  court  (which  is 

[L.  s.]  my  official  seal),  this  6th  day  of  December,  A.  D. 

1858,  at  my  office  in  Jacksonville,  in  said  county. 

CHARLES  HARDIN,  Clerk. 


CERTIFICATES  OF  THE  CLERKS 

AS  TO  OTHER  MORTGAGES,  CONVEYANCES,  <fec. 

STATE  OF  ILLINOIS,  ) 

County  of  Pewia,    \ 

I,  ENOCH  P.  SLOAN,  Clerk  of  the  Circuit  Court  and  ex-officio 
Recorder  of  Deeds,  &c.  within  and  for  the  aforesaid  county  and 
State,  do  hereby  certify  that  I  have  searched  in  my  office  for  all 
judgments  and  decrees  docketed  in  said  office  against  the  Illinois 
River  Railroad  Company,  and  for  all  deeds,  leases,  mortgages, 
conveyances,  and  incumbrances,  executed  by  or  on  behalf  of 
said  company  upon  its  railroad  and  other  property,  real,  personal 
or  chattel,  and  there  is  not  any  judgment  or  decree  docketed  in 
said  office  against  said  Railroad  Company,  and  that  there  is  not 
any  deed,  lease,  mortgage,  conveyance  or  other  incrimbrance, 
executed  by  or  on  behalf  of  said  Illinois  River  Railroad  Com- 
pany on  file  or  of  record  in  said  office  upon  or  against  any  of 
the  property,  real,  personal  or  chattel,  of  said  Railroad  Com- 
pany, except  a  mortgage  or  deed  of  trust  executed  by  the  said 
Railroad  Company  to  Alexander  Studwell,  Lucius  Hopkins,  and 
George  T.  Cobb,  Trustees,  &c.,  bearing  date  the  first  day  of 


86 

November,  A.  D.  1858,  and  recorded  on  the  2  >th  day  of  Novem- 
ber, A.  D.  1858,  in  book  "  Z  A"  in  my  office  on  page  304,  and 
the  next  following  pages. 

IN  TESTIMONY  WHEREOF,  I  have  hereunto  subscribed  my 
name  and  affixed  the  seal  of  said  court  (which  is  my 
[SEAL]  official  seal)  at  my  office,  in  the  city  of  Peoria,  in  said 
county,  on  this  1st  day  of  December,  A.  D.  185S. 

ENOCH  P.  SLOAN, 

Clerk  of  the  Circuit  Court  and  ex-officio  Recorder  of  Deeds  in  and  for  said  County. 


STATE  OF  ILLINOIS,  ) 

V    gg 

County  of  Tazewell,  } 

I,  MERRILL  C.  YOUNG,  Clerk  of  the  Circuit  Court,  and  ex-qfficio 
Recorder  of  Deeds,  &c.,  within  and  for  the  aforesaid  County  and 
State,  do  hereby  cert'fy  th:it  I  have  searched  in  my  office  for  all 
judgments  and  decrees  docketed  in  said  office  against  the  Illnaois 
River  Railroad  Company,  and  for  all  deeds,  leases,  mortgages, 
conveyances,  and  other  incumbrances  executed  by  or  on  behalf 
of  said  Companv,  .upon  its  railroad  and  other  property,  real, 
personal,  or  chattel ;  and  that  there  is  not  any  judgment  or  decree 
docketed  in  said  office  against  said  Railroad  Company,  and  that 
there,  is  not  any  deed,  lease,  mortgage,  conveyance,  or  other  t 
incumbrance,  executed  by  or  on  behalf  of  said  Illinois  River 
Railroad  Company,  on  file  or  of  record  in  said  office,  upon  or 
against  any  of  the  property,  real,  personal,  or  chattel,  of  said 
Railroad  Company,  except  a  mortgage,  or  deed  of  trust,  executed 
by  said  Railroad  Company  to  Alexander  Studwell,  Lucius  Hop- 
kins, and  George  T.  Cobb, .  trustees,  &c.,  bearing  date  the  fiYst 
day  of  November,  A.  D.  1858,  and  recorded  on  the  26th  day  of 
November,  A.  D.  1858,  in  Book  "  H  "  of  Mortgages,  beginning 
on  page  492,  and  continued  on  the  next  following  pages. 

IN  TESTIMONY  whereof,  I  have  hereunto  subscribed 

my  name,  and   affixed   the   seal   of  said  Court 

[SEAL.]  (which  is  my  official  seal),  at  my  office  in  Pekin, 

in  said  county,  this  29th  day  of  November,  A.  D. 

1858. 

MERRILL  C.  YOUNG, 

Clerk,  d'c.,  and  ex  officio  Recorder  of  Deeds,  &c.,  within 
and  for  the  aforesaid  County  and  State. 


87 
STATE  OF  ILLINOIS, 


S8 

County  of  Mason, 

I,  R.  RITTER,  Clerk  of  the  Circuit  Court,  and  ex-officio  Recorder 
of  Deeds,  &c.,  within  and  for  the  aforesaid  County  and  State,  do 
hereby  certify  that  I  have  searched  in  my  office  for  all  judgments 
and  decrees  docketed  in  said  office  against  the  Illinois  River 
RaLroad  Company,  and  for  all  deeds,  leases,  mortgages,  convey- 
ances, and  other  incumbrances,  executed  by  or  on  behalf  of  said 
Company,  upon  its  railroad  and  other  property,  real,  personal,  or 
chattel ;  and  that  there  is  not  any  judgment  or  decree  docketed 
in  eaid  office  against  said  Railroad  Company,  and  that  there  is 
not  any  deed,  lea^e,  mortgage,  conveyance,  or  other  incum- 
brance,  executed  by  or  on  behalf  of  said  Illinois  River  Railroad 
Company,  on  file  or  of  record  in  said  office,  upon  or  against  any 
of  the  property,  real,  personal,  or  chattel,  of  said  Railroad  Com- 
pany, except  a  mortgage,  or  deed  of  trust,  executed  by  the  said 
Railroad  Company,  to  Alexander  Studwell,  Lucius  Hopkins,  and 
George  T.  Cobb,  trustees,  &c.,  bearing  date  the  first  day  of 
November,  A.  D.  1858,  and  recorded  on  the  29th  day  of  Novem- 
ber, A.  D.  1858,  in  Book  K  of  Mortgages,  on  pages  201  and  suc- 
ceeding pages. 

IN  TESTIMONY  whereof,  I  have  hereunto  subscribed 
my  name,  and  affixed  the  seal  of   said   Court, 
[SEAL.]  (which  is  my  official  seal),  at  my  office  in  Havana, 

in  the  County  and  State  aforesaid. 

R.  RITTER, 

Clerk  of  the  Circuit  Court,  and  ex-officio  Recorder  of  Deeds, 
<tc.,  within  and  for  the  County  and  State  aforesaid. 


STATE  or  ILLINOIS,          j 
County  of  Cass,  f 

I,  JAMES  TAYLOK,  Clerk  of  the  Circuit  Court,  and  ex-officio 
Recorder  of  Deeds,  &c.,  within  and  for  the  aforesaid  County  and 
State,  do  hereby  certify  that  I  have  searched  in  my  office  for  all 
judgments  and  decrees  docketed  in  said  office  against  the  Illinois 
River  Railroad  Company,  and  for  all  deeds,  leases,  mortgages, 
conveyances,  and  incumbrances,  executed  by  or  on  behalf  of  said 
Company  upon  its  railroad  and  otlier  property,  real,  personal  or 


88 

chattel ;  and  that  there  is  not  any  judgment  or  decree  docketed 
in  said  office  against  said  Railroad  Company ;  and  that  there  is 
not  any  deed,  lease,  mortgage,  conveyance,  or  other  incumbrance, 
executed  by  or  on  behalf  ot'  said  Illinois  River  Railroad  Company 
on  file  or  of  record  in  said  office  upon  or  against  any  of  the  prop- 
erty, real,  personal,  or  chattel,  of  said  Railroad  Company,  except 
a  mortgage,  or  deed  of  trust,  executed  by  the  said  Illinois  River 
Railroad  Company,  to  Alexander  Studwell,  Lucius  Hopkins,  and 
George  T.  Cobb,  trustees,  &c.,  bearing  date  the  first  day  of 
November,  A.  D.  1858,  and  recorded  on  the  23d  day  of  Novem- 
ber, A.  D.  1858.  in  Book  D  of  mortgages,  on  pages  503,  501,  505, 
506,  507,  508,  509,  and  510. 

IN  TESTIMONY  whereof,  I  have  hereunto  subscribed 
my  name,  and   affixed   the  seal  of  said  Court 
[SEAL.]  (which  is  my  official  seal),  at  my  office  in  Beards- 

town,  in  said  county,  this  23d  day  of  November, 
A.  D.  1858. 

JAMES  TAYLOR, 

Clerk  of  the  Circuit  Court,  and  ex-officio  Recorder  of  D  eeds, 
&c.,  within  and  for  the  County  and  State  aforesaid. 


STATE  OF  ILLINOIS,  r 


County  of  Morgan, 

I,  CHAKLES  HARDEN,  Clerk  of  the  Circuit  Court,  and  ex-officio 
Recorder  of  Deeds,  &c.,  within  and  for  the  aforesaid  County  and 
State,  do  hereby  certify  that  I  have  searched  in  my  office  for  all 
judgments  and  decrees  docketed  in  said  office  against  the  Illinois 
River  Railroad  Company,  and  for  all  deeds,  leases,  mortgages, 
conveyances,  and  incumbrances,  executed  by  or  on  behalf  of  said 
Company  upon  its  railroad  and  other  property,  real,  personal,  or 
chattel ;  and  that  there  is  not  any  judgment  or  decree  docketed 
in  said  office  against  said  Railroad  Company,  and  that  there  is 
not  any  deed,  lease,  mortgage,  conveyance,  or  other  incumbrance 
executed  by  or  on  behalf  of  said  Illinois  River  Railroad  Company, 
on  file  or  of  record  in  said  office,  upon  or  against  any  of  the  prop- 
erty, real,  personal,  or  chattel,  of  said  Railroad  Company,  except 
a  mortgage,  or  deed  of  trust,  executed  by  the  said  Railroad  Com- 


89 

pany  to  Alexander  Stud  well,  Lucius  Hopkins,  and  George  T. 
Cobb,  trustees,  &c.,  bearing  date  the  first  day  of  November,  A.  D. 
185S,  and  recorded  on  the  24th  day  of  November,  A.  D.  1858, 
in  Book  N  of  mortgages,  on  pages  65,  66,  67,  68,  69,  70,  71,  72, 
73,  and  74. 

IN  TESTIMONY  whereof,  I  have  hereunto  subscribed 
my   name   and   affixed   the   seal  of  said  Court 
[SEAL.]  (which  is  my  official  seal),  at  my  office  in  Jack- 

sonville, in  said  County  and  State,  this  6th  day 
of  December,  A.  D.  1858. 

CHARLES  HARDIN, 

Clerk  of  the  Circuit  Court,  and  ex-officio  Recorder  of  Deeds, 
&e.,  within  and  for  the  County  and  State  aforesaid. 


BETWEEN    THE 


ILLINOIS  EIVER  RAILROAD  COMPANY 

AND   THE 

CHICAGO  &  ROCK  ISLAND  RAILROAD  COMPANY, 

Dated  September  27th,  1858. 


MEMORANDUM  OF  AN  AGREEMENT  BETWEEN  THE  ILLINOIS  RIVER 
RAILROAD  COMPANY,  party  of  the  first  part,  and  THE  CHICAGO 
AND  ROCK  ISLAND  RAILROAD  COMPANY,  party  of  the  second 
part,  both  bodies  corporate,. located  in,  and  organized  under, 
the  laws  of  the  State  of  Illinois. 

WHEREAS  the  Illinois  River  Railroad  Company  aforesaid, 
party  of  the  first  part  hereto,  is  desirous  of  raising  money  by  the 
sale  of  its  bonds,  to  purchase  iron  and  complete  its  road,  and  has 
entered  into  and  completed  negotiations  for  the  same,  provided 
certain  running  arrangements  are  made  with  the  Chicago  and 
Rock  Island  Railroad  Company,  the  party  of  the  second  part 
hereto,  by  which  the  Chicago  and  Rock  Island  Railroad  Com- 
pany are  to  agree  to  furnish  the  cars  and  locomotives  necessary 
for  the  running  of  the  Illinois  River  Railroad. 

Now,  THEREFORE,  THIS  AGREEMENT,  made  this  twenty-seventh 
day  of  September,  in  the  year  one  thousand  eight  hundred  and 
fifty-eight,  between  the  said  parties  hereto,  WITNESSETH,  that  the 
said  party  of  the  first  part,  for  and  in  consideration  of  the 
premises,  and  of  One  Dollar  to  it  in  hand  paid,  and  of  the  cove- 
nants and  agreements  of  the  party  of  the  second  part  hereinafter 
contained,  hereby  covenants  and  agrees  to  and  with  the  said 
party  of  the  second  part,  as  follows  : 


91 

FIRST.  That  the  said  party  of  the  first  part  will  finish  its  en- 
tire line  of  road  from  its  junction  with  the  Peoria  and  Hannibal 
Railroad,  in  Peoria  County,  Illinois,  to  the  town  of  Jacksonville, 
in  Morgan  County,  in  the  State  of  Illinois,  by  the  first  day  of 
September,  in  the  year  one  thousand  eight  hundred  and  fifty-nine, 
or  at  farthest  by  the  first  day  of  January,  in  tlie  year  one  thou- 
sand eight  hundred  and  sixty,  and  put  the  same,  with  appurten- 
ances and  fixtures,  in  complete  running  order  for  economical 
operation  (with  the  exception  of  cars,  locomotives,  and  machine 
shops)  to  the  satisfaction  of  Henry  Farnam  and  John  F.  Tracy, 
or  the  survivor  of  them  in  cas^  of  the  death  of  either,  as  to  the 
completion  of  said  road,  and  to  make  such  arrangements  with  the 
Peoria  and  Hannibal  Railroad  Company  as  will  enable  the 
parties  of  the  first  part  to  connect  their  track  with  the  track  of 
the  Peoria  and  Bureau  Yalley  Railroad  Company,  in  the  city  of 
Peoria. 


SECOND.  That  said  party  of  the  first  part  will  pay  to  the  party 
of  the  second  part  ten  per  cent,  interest  per  annum,  on  the 
amount  of  rolling  stock  that  shall  be  furnished  by  the  said  party 
of  the  second  part,  for  the  said  party  of  the  first  part,  as  herein- 
after provided  for — said  payment  to  be  made  serni-annuaily,  out 
of  the  gross  earnings  of  the  ri>ad  as  hereinafter  specified. 


THIRD.  That  said  party  of  the  first  part  will  appoint  the  Gen- 
eral Superintendent  of  the  Chicago  and  Rock  Island  Railroad 
Company,  for  the  time  being,  to  be  Superintendent  of  the  Illinois 
JKiver  Railroad  Company,  for  and  during  the  continuance  in  force 
of  this  contract  and  running  arrangement,  who  shall  have  full 
power  to  operate  the  latter  road  at  the  expense  and  cost  of  the 
party  of  the  first  part,  as  herein  provided  for. 

And  the  said  party  of  the  second  part,  for  and  in  consider- 
ation of  the  premises,  and  of  the  sum  of  One  Dollar,  to  it  in  hand 
paid,  and  of  the  covenants  and  agreements  of  the  said  party  of 
the  first  part  herein  contained,  covenants  and  agrees  to  and  with 
the  said  party  of  the  first  part,  that  if  the  said-party  of  the  first 
part  shall,  on  its  part,  fulfill  its  agreements  herein  contained,  the 
&aid  party  of  the  second  part  doth  covenant  and  agree  as  follows : 


92 

FIRST.  That  said  party  of  the  second  part  will  at  all  times 
during  the  term  of  tliis  agreement,  furnish  and  employ  so  many 
passenger,  freight,  and  other  cars,  and  so  many  locomotives,  as 
shall  be  sufficient  safely  and  fully  to  perform,  with  economy,  all 
the  transpoitation  business,  passenger,  freight,  and  other  business, 
which  shall  be  offered  along  the  line  of  the  whole  road ;  a  proper 
proportion  of  said  rolling  stock  to  be  furnished  as  soon  as  ten 
consecutive  miles  of  said  road,  and  of  the  Peoria  and  Hannibal 
Railroad  together,  to  wit,  from  Peoria  city  to  the  city  of  Pekin, 
are  completed,  ready  for  being  operated  ;  and  for  each  ten  miles 
completed  in  continuation,  another  proper  proportion  of  said  rolling 
stock  to  'be  furnished,  and  so  on  until  the  entire  line  of  said  road 
shall  be  completed  and  stocked ;  the  amount,  kind,  and  value  of 
rolling  stock  so  to  be  furnished  by  the  Chicago  and  Rock  Island 
Railroad  Company,  shall  be  determined  and  agreed  upon  by  the 
Presidents  of  the  two  Railroad  Companies  aforesaid,  or  in  such 
other  mode  as  said  Presidents  may  determine  upon,  before  the 
same  are  placed  upon  the  Illinois  River  Railroad,  for  being  used 
and  operated  thereupon;  and  said  Presidents  shall  make  and 
sign  duplicate  copies  of  the  agreement,  thus  fixing  the  amount, 
kind,  and  value  of  the  rolling  stock  so  to  be  furnished  for  the  use 
of  the  Illinois  River  Railroad  as  aforesaid,  one  of  which  dupli- 
cates shall  be  retained  by  each  Company,  and  from  its  execution, 
shall  be  a  part  of  this  contract ;  and  said  rolling  stock  shall 
remain  the  property  of  the  party  of  the  second  part,  until  paid 
for  as  herein  provided  for,  but  shall  be  maintained,  renewed,  and 
kept  in  full  and  complete  repair,  at  the  expense  and  cost  of  the 
party  of  the  first  part  in  manner  herein  specified. 

SECOND.  That  the  said  party  of  the  second  part  shall  and  will, 
and  are  hereby  declared  to  be  bound  to  sell  to  the  said  party  of 
the  first  part,  at  the  fair  appraised  value  thereof  at  the  time  said 
equipments  shall  be  put  on  the  road,  at  any  time  .within  five 
years  after  the  same  shall  be  put  on  the  road,  any  parwWr  parcel 
thereof,  furnished  hereafter  by  the  party  of  the  second,  part,  to 
the  party  of  the  first  part  hereto,  and  at  such  periods  and  in  such 
quantities  as  said  Illinois  River  Railroad  Company  may  find  it 
convenient  and  have  funds  to  pay  for;  or  szidjllmois  River  Rail- 
road- Company  may,  within  three  years  from  the  first  day  of  Jan- 
uary, in  the  year  one  thousand  eight  hundred  and  sixty,  and  in 


93 

like  quantities,  replace  said  rolling  stock  by  other  rolling  stock  to 
be  purchased  of  other  parties,  and  as  fast  as  any  portion  of  said 
rolling  stock  is  so  purchased  or  replaced,  just  in  that  proportion 
shall  the  original  estimates  for  equipments  on  which  the  ten  per 
cent,  per  annum  is  to  be  paid,  be  reduced  and  the  interest  cease. 

THIRD.  That  the  said  party  of  the  second  part  shall  and  will 
as  the  agent  of  the  party  of  the  first  part,  and.  through  the  Super- 
intendent aforesaid,  operate  the  said  Illinois  River  Railroad  with 
the  same  reasonable  care  and  diligence  as  it  uses  in  operating  its 
own  road,  and  run  daily  when  practicable  (Sundays  excepted)  so 
many  passenger  and  freight  trains  over  said  Illinois  River  Rail- 
road, and  every  part  of  it,  as  may  be  necessary  for  a  proper  and 
economical  operation  thereof,  having  a  just  regard  to  the  true  in- 
terests of  its  owners,  and  shall  and  will  use  the  same  strict  econ- 
omy in  the  operation  of  said  road,  and  in  everything  appertain- 
ing to  said  road,  as  is  now  exercised,  or  may  hereafter  be  exercised 
in  operating  the  Chicago  and  Rock  Island  Railroad,  or  the  Peoria 
and  Bureau  Yalley  Railroad ;    and  that  the  said  party  of  the 
second  part  will,  during  the  term  of  this  running  arrangement, 
use  the  same  care  and  diligence  to  keep  said  Illinois  River  Rail- 
road, with  its  bridges,  culverts,  trestle  work,  fixtures,  and  appur- 
tenanct'S,  and  all  equipments  to  be  furnished  as  aforesaid,  in  good 
and  proper  repair,  as  is  used  on  its  own  road,  to  make  it  sa'e  and 
convenient  for  the  running  of  passenger  and  freight  trains  over 
it.     The  expense  of  making  all  such  repairs  and  renewals  when 
necessary,  is  to  be  paid  out  of  the  gross  earnings  of  said  road,  and 
charged  as  a  part  of  its  running  and  operating  expenses,  provided 
the  "  Depreciation  Fund  "  set  apart  by  said  Illinois  River  Rail- 
road Company  in  the  hands  of  its  Permanent  Treasurer  in  the  city 
of  New  York,  is  not  sufficient  for  paying  for  such  repairs,  said 
"Depreciation  Fund  "  to  be  paid  out  by  said  Permanent  Treas- 
urer, to  the  Chicago  and  Rock  Island  Railroad  Company,  upon  the 
order  of  such  Company,  as  needed  or  as  otherwise  agreed  upon,  in 
writing,  between  said  Permanent  Treasurer  and  the  Chicago  and 
Rock  Island  Railroad  Company ;  a  copy  of  such  agreement  to  be 
given  to  said  Illinois  River  Railroad  Company. 

•  FOURTH.  That  said  party  of  the  second  part  shall  and  will 
run  and  operate  the  road  of  the  said  party  of  the  first  part,  as  its 
agent  during  the  whole  time  this  contract  shall  continue  in  force 


as  herein  provided,  at  not  less  rates  or  charges  for  fare  of  passen- 
gers, or  for  freights,  than  shall  be  charged  from  time  to  time  for 
the  same  service  on  the  line  of  its  own  roads  from  Chicago  to 
Peoria,  without  the  consent  of  the  Illinois  River  Railroad  Com- 
pany, and  shall  and  will  fully  perform  all  mail  contracts  which 
shall  be  made  by  and  between  said  Illinois  River  Railroad  Com- 
pany and  the  Government  of  the  United  States. 

FIFTH.  That  the  gross  earnings  of  the  Illinois  River  Railroad 
shall  embrace  all  receipts  from  passengers  and  freights  over  the 
line  of  said  road,  and  all  moneys  received  for  carrying  the  mails 
and  for  transporting  express  matter,  or  other  things,  and  also  in 
addition,  five  per  cent,  upon  all  moneys  received  or  realized  by 
the  Chicago  and  Rock  Island  Railroad  Company,  for  transporting 
over  its  own  road  (including  the  Peoria  and  Bureau  Yalley  Rail- 
road) any  freight,  passengers,  or  express  matter,  or  other  things 
coming  to  its  said  line  of  road  from  Peoria  to  Chicago,  froin  or 
over  any  part  of  the  road  of  the  party  of  the  first  part  hereto, 
that  shall  go  through  to  Chicago. 


That  the  net  earnings  and  receipts  of  the  Illinois  River 
Railroad,  shall  be  what  remains  after  deducting  from  its  gross 
earnings  as  aforesaid.  First.  The  actual  monthly  running  and 
operating  expenses.  Second.  The  amount  expended  by  it  for 
necessary  repairs  as  aforesaid,  and  interest  on  equipments  as 
herein  provided  for.  Third.  The  taxes  upon  the  real  and  per- 
sonal property  of  the  Illinois  River  Railroad  Company.  Fourth. 
The  annual  compensation  of  the  agent  to  be  selected  or  nominated 
by  Messrs.  Hopkins,  Cobb,  and  Siudwell,  or  any  two  of  them,  as 
hereinafter  mentioned,  and  approved  by  the  Illinois  River  Rail- 
road Company.  Fifth.  The  cost  and  expenses  which  may  be 
incurred  in  keeping  up  the  organization,  and  thus  preserving  the 
franchises  of  said  Illinois  River  Railroad  Company  during  the 
term  this  running  arrangement  is  in  force.  Sixth.  All  legal  ex- 
penses necessarily  incurred  in  enforcing  or  defending  the  rights  or 
property  of  the  Illinois  River  Railroad  Company,  —  and  that  the 
entire  residue  which  shall  remain  of  said  gross  earnings  as  afore- 
said, after  the  deductions  aforesaid,  shall  be  paid  or  deposited  as 
often  as  once  during  every  month,  or  at  the  end  of  each  month 
by  said  Chicago  and  Rock  Island  Railroad  Company,  to  or  with 
the  Impotters  and  Traders'  Bank  in  the  city  of  New  York,  to  the 


95 

credit  of  Alexander  Stud  well,  Permanent  Treasurer  of  the  Uli- 
nois  River  Railroad  Company  /  the  cost  of  converting  said  funds 
into  exchange  on  New  York  to.  be  charged  to  operating  expense 
account  at  current  rates  between  Chicago  or  St.  Louis,  and  New 
York,  Provided  that  when  funds  current  at  Chicago,  or  St.  Louis 
are  forwarded  to  said  Permanent  Treasurer,  that  only  the  actual 
cost  of  sending  the  same  by  express  shall  be- charged  as  aforesaid. 

SEVENTH.  That  the  said  party  of  the  second  part  shall  and 
will,  as  such  agent  as  aforesaid,  collect  and  receive  all  moneys 
earned  by  the  Illinois  IJiver  Railroad,  and  shall  pay  out  of  the 
same  :  First.  The  operating:  expenses  and  necessary  repairs  and 
renewals  upon  said  road  and  upon  the  equipments  thereof,  that 
may  be  due  and  unpaid,  Provided  the  "Depreciation  Fund"  set 
apart  by  said  Illinois  River  Railroad  Company  in  the  hands  of 
its  Permanent  Treasurer,  in  the  city  of  New  York,  is  not  suffi- 
cient for  the  purpose  of  paying  for  such  repairs.  Second.  Any 
interest  upon  the  amount  of  the  value  of  the  rolling  stock  fur- 
nished for  the  party  of  the  first  part  as  aforesaid,  and  not  paid  for. 
Third.  The  taxes  upon  the  real  and  personal  property  of  the 
Illinois  River  Railroad  Company.  Fourth  and  Fifth.  The  annual 
compensation  of  the  agent  to  be  selected  or  nominated  by  Messrs. 
Hopkins,  Cobb,  and  Studwell,  Trustees,  or  any  two  of  them,  and 
approved  by  the  Illinois  River  Railroad  Company,  said  agent 
being  the  same  whose  appointment  is  provided  for  in  the  con- 
tract of  the  party  of  the  first  part  with  Alexander  Studwell,  bear- 
ing date  the  twenty-seventh  day  of  September,  in  the  year  one 
thousand  eight  hundred  and  fifty-eight.  Sixth.  The  cost  and 
expenses  which  may  be  incurred  in  keeping  up  the  organization, 
and  thus  preserving  the  franchises  of  the  Illinois  River  Railroad 
Company  during  the  term  said  agreement  is  in  force.  Seventh. 
All  legal  expenses  necessarily  incurred  in  enforcing  or  defending 
the  rights  or  property  of  the  Illinois  River  Railroad  Company. 
Eighth.  The  entire  residue  which  shall  remain  of  said  gro-s  earn- 
ings, as  aforesaid,  after  the  deductions  or  payments  aforesaid, 
shall  be  paid  or  deposited  as  often  as  once  every  month  by  said 
Chicago  and  Rock  Island  Railroad  Company  to  or  with  the 
Importers  and  Traders'  Sank,  in  the  city  of  New  York,  to  the 
credit  of  Alexander  Studwell,  Permanent  Treasurer  of  the  Illi- 
nois River  Railroad  Company"  PROVIDED,  however,  that  these 
provisions  shall  not  be  construed  so  as  to  bind  the  said  party  of 


96 

the  second  part  to  pay  over  funds  faster  than  collected,  or  to  ad- 
vance money  for  fuel,  material,  or  for  expenses,  or  for  repairs,  or 
charges  on  merchandise,  to  an  amount  larger  in  the  aggregate 
than  ten  thousand  dollars  at  any  one  time. 

EIGHTH.  That  said  party  of  the  second  part  shall  and  will 
keep  separate  books  of  all  the  operations  of  the  Illinois  River 
Railroad  Campany  ;  which  books  shall  be  opened  and  kept  in 
the  same  manner,  and  with  the  same  minuteness  and  particular- 
ity, as  though  said  road  was  operated  by  said  Company  for  itself; 
which  books  shall  be  at  all  reasonable  times  subject  to  the  in- 
spection and  examination  of  the  said  Alexander  Studwell  or  the 
selected  agent  of  the  Illinois  River  Railroad  Company  as 
herein  provided,  during  the  entire  time  that  this  agreement  is  in 
force.  Provided^  however,  that  when  said  First  Mortgage  Bonds 
are  entirely  redeemed  and  paid  off,  the  right  of  the  said  Studwell 
to  examine  said  books  shall  cease. 


That  in  interchanging  cars  and  locomotives  the  party 
of  the  second  part  hereto  shall  keep  a  mileage  account  ;  and  the 
customary  rates  charged  for  use  of  equipments  and  the  usages 
commonly  recognized  and  practiced  upon  between  connecting 
railroads  in  like  cases  as  the  one  here  provided  for,  shall  apply  to 
and  govern  such  account  ;  and,  for  this  purpose,  in  making  up 
the  account,  the  equipments  on  which  the  Illinois  River  Rail- 
road Company  is  paying  the  party  of  the  second  part  interest  as 
aforesaid  shall  be  treated  as  belonging  to  said  Illinois  River  Rail- 
road Company. 

TENTH.  That  the  said  party  of  the  second  part  shall  and  will, 
in  making  up  the  operating  expense  account,  apportion  the 
expenses  of  the  general  agencies  between  the  two  roads  as  the 
length  of  the  Chicago  and  Rock  Island  Road  and  the  Peoria  and 
Bureau  Valley  Road,  from  Chicago  to  Peoria,  is  to  the  length 
run  for  the  Illinois  River  Railroad  Company,  to  wit,  from  Peo- 
ria to  Jacksonville  :  Provided,  nothing  herein  contained  shall  be 
understood  to  make  the  Illinois  River  Railroad  Company  liable 
to  pay  or  be  charged  for  any  part  of  the  general  agency  expenses 
for  any  of  that  part  of  the  Chicago  and  Rock  Island  Railroad 
west  of  its  junction  with  the  Peoria  and  Bureau  Yalley  Railroad, 
or  for  any  general  agency  expenses,  other  than  its  fair  pro-rata 


97 

proportion  as  aforesud  of  such  expenses  on  account  of  the  line 
of  said  road  between  Chicago  and  Peoria. 

ELEVENTH.  That  said  party  of  the  second  part  shall  and  will 
keep,  make  up,  and  deliver  or  send  to  the  President  of  the  Illi- 
nois River  Railroad  Company,  regular  monthly  reports,  comain- 
ing  full  and  accurate  statements  and  account  of  the  earnings, 
receipts,  and  expenditures,  for  each  current  month,  from,  by, 
or  on  account  of  the  said  Illinois  River  Railroad. 

TWELFTH.  The  said  party  of  the  second  part  will  pay  during 
the  time  that  this  running  arrangement  shall  continue  in  force,  to 
the  party  of  the  first  part,  five  per  cent,  upon  all  the  moneys 
received  or  realized  by  it  (the  Chicago  and  Rock  Island  Railroad 
Company)  for  transporting  over  its  own  road  or  the  Peoria  and 
Bureau  Valley  Railroad,  any  freight,  passengers,  express  matter, 
or  other  things,  mails  excepted,  coming  to  said  roads  from  or 
over  any  part  of  the  road  of  the  Illinois  Rioer  Railroad  'Com- 
pany, that  shall  go  through  to  Chicago  ;  said  five  per  cent,  to 
constitute  a  part  of,  and  to  go  in  with,  and  to  be  disposed  of  as, 
"gross  earnings"  of  the  Illinois  River  Railroad  Company. 

THIS  ARRANGEMENT  is  to  continue  in  force  for  twenty  years 
from  the  first  day  of  September,  one  thousand  eight  hundred 
and  fifty-nine,  unless  the  First  Mortgage  Bonds  of  the  party  of 
the  fir&t  part  upon  its  road  shall  be  sooner  paid  off  by  the  Sink.- 1 
ing  Fund  provided  for  or  to  be  provided  for  inTHeDeed  of  Ti ust 
of  the  Illinois  River  Railroad,  in  which  case  the  Illinois  River 
Railroad  may  put  an  end  to  it  any  time  after  said  Bonds  shall 
have  been  so  fully  paid  off,  and  the  accounts  settled,  or  when  the 
Illinois  River  Railroad  Company  is  ready  to  make  such  sett  e- 
ment,  or  it  (the  Illinois  River  Railroad  Company)  may  continue 
it,  tor  the  twenty  years,  at  its  option. 

If  any  differences  should  arise  between  the  parties  hereto  in 
reference  to  the  performance  or  breach  of  auy  thing  herein 
agreed  upon,  the  same  shall  be  submitted  to  a  final  award  and 
arbitration  of  three  disinterested  person?,  all  of  whom  shall  be 
agreed  upon  by  both  of  said  parties. 
7 


98 

And  for  tbe  purpose  of  showing  the  true  intent  and  meaning 
of  this  contract,  it  is  hereby  declared  that  its  true  intent  and 
meaning  is,  First,  On  the  one  part,  to  enable  the  Illinois  River 
Railroad  Company  to  complete  and  secure  the  proper,  economi- 
cal and^  advantageous  operation  of  its  road^  through  the  aid  of 
this  running  arrangement,  and  Secondly, — On  the  other  part,  to 
secure  to  the  Chicago  and  Rock  Island  "Railroad  Company  the 
benefits  of  an  exclusive  business  connection  between  said  Illinois 
River  Railroad  and  the  Peoria  and  Bureau  Valley  Railroad  so  as 
to  obtain  all  the  business  coming  to  it  from  the  Illinois  River 
Railroad  that  can  be  obtained  in  that  way. 

IN  WITNESS  WHEREOF,  the  parties  to  these  presents  have  here- 
unto set  their  respective  seals,  and  have  caused  these  presents  to 
be  subscribed,  on  the  part  of  said  Chicago  and  Rock  Island  Rail- 
road Company  by  Thomas  C.  Durant,  Chairman  of  the  Executive 
Committee  thereof,  and  also  as  a  Special  Committee  appointed 
for  this  purpose  by  said  Executive  Committee,  and  by  Henry 
Farnam,  President  thereof,  and  on  the  part  of  said  Illinois  River 
Railroad  Company  by  Richard  S.  Thomas,  President,  Agent  and 
Attorney-in-fact  thereof,  the  day  and  year  first  above  written. 

THE  CHICAGO  AND  ROCK  ISLAND  RAILROAD  Co., 

By  THOS.  C.  DURANT, 

CttnEx.  Com.,  and  Special  Committee  for  this  purpose, 
And  by  HENRY  EARN  AM, 

President. 

THE  ILLINOIS  RIVER  RAILROAD  COMPANY, 

By  RICHARD  S.  THOMAS, 
As  Agent  and  Attorney-in-fact,  and  also  as  Presi- 
.  dent  of  said  Company. 

WITNESS  : 

WM.  WALCOTT, 

WM.  H.  HENDRICK. 
ATTEST  : 

F.  H.  TOWS,  Secretary. 

M.  H.  L.  SCHOOLEY, 

Sec.  III.  Riv.  R.  R.  Co. 


99 

f 

STATE,  CITY,  AND  COUNTY  or  NEW  YOKE,  ss. : 

On  this  sixteenth  day  of  November,  eighteen  hundred  and 
fifty-eight,  before  me,  Alexander  Ostrander,  a  Notary  Public 
residing  in  said  city,  and  duly  authorized  by  the  laws  of  the 
State  of  Illinois  to  take  the  acknowledgment  and  proof  of  the 
execution  of  deeds  and  other  instruments  in  writing  to  be  used 
or  recorded  therein,  personally  came  Thomas  C.  Durant,  Henry 
Farnam,  Francis  H.  Tows,  and  Richard  S.  Thomas,  to  me  known 
to  be  the  same  persons  described  in  and  who  executed  the  fore- 
going instrument,  and  severally  acknowledged  that  they  executed 
the  same  on  behalf  of  the  parties  principals  signified  in  their  re- 
spective signatures  ;  and  the  said  Francis  H.  Tows  being  by  me 
duly  sworn,  did  on  his  oath  say  that  said  Farnam  is  President 
and  said  Durant  is  Chairman  of  the  Executive  Committee  and  is 
a  Special  Committee  for  the  purpose  of  the  business  in  which  the 
foregoing  instrument  is  made,  and  this  deponent  is  Secretary  of 
the  Chicago  and  Rock  Island  Railroad  Company,  and  that  the 
above  is  the  seal  of  said  Company  ;  and  the  said  Richard  S. 
Thomas,  being  by  me  duly  sworn,  on  his  oath  said  that  he  signed 
said  instrument  on  behalf  of  the  Illinois  River  Railroad  Com- 
pany, and  is  its  agent  and  attorney  in  fact,  and  President,  and 
authorized  so  to  sign  the  same. 

IN  TESTIMONY  WHEKEOF  I  have  hereunto  set  my  hand  and 
affixed  my  official  seal,  in  the  city  of  New  York 
[L.  8.]  aforesaid,  the  day  and  year  above  written. 

ALEX.  OSTRANDER, 

Notary  Public. 

STATE  OF  ILLINOIS,  COUNTY  OF  CASS,  ss, 

On  this  22d  day  of  November  1858,  before  me,  John  A.  Arenz, 
a  notary  public,  within  and  for  the  County  of  Cass  and  State  of 
Illinois  aforesaid,  duly  commissioned  and  sworn,  personally  ap- 
peared Richard  S.  Thomas,  to  me  personally  known  to  be  the 
same  person  described  in,  and  who  executed,  the  foregoing  agree- 
ment between  the  Illinois  River  Railroad  Company,  and  the 
Chicago  and  Rock  Island  Railroad  Company,  and  acknowledged 
that  he  had  executed  the  same  on  behalf  of  the  Illinois  River  Rail- 


100 

road  Company,  as  therein  specified ;  and  Malilon  H.  L.  Schooley, 
who  is  known  to  me  to  be  the  same  person  whose  name  is  sub- 
scribed to  the  said  agreement  as  Secretary  of  the  said  Illinois 
Riaer  Railroad  Company,  also  on  this  day,  personally  appeared 
before  me  and  acknowledged  that  be  signed  the  same  as  such 
Secretary,  and  after  being  duly  sworn,  he  did  on  his  oath  say  that 
the  said  Richard  S.  Thomas  is  the  President,  and  he  (the  said 
Schooley)  is  the  Secretary  of  said  Illinois  River  Railroad  Com- 
pany, and  that  the  seal  attached  to  said  agreement,  purporting  to 
be  the  seal  of  the  said  Illinois  River  Railroad  Company,  is  the 
genuine  seal  of  said  last-named  Company. 

In  testimony  whereof,  I  have  hereunto  sub- 
[L.  s.]  scribed  my  name  and  affixed  my  seal  notarial, 

this  22d  day  of  November,  A.  D.  1858. 

JOHN    A.   ARENZ, 

Notary  Public,  in  and  for  Cass  County, 
and  State  of  Illinois. 


101 


CERTIFICATES. 


I  have  carefully  examined  the  foregoing  contract,  or  running 
arrangement,  made  and  executed  by  and  between  the  Illinois 
River  Railroad  Company  and  the  Chicago  and  Rock  Island  Rail- 
road Company,  dated  September  27th,  1858,  and  hereby  approve 
of  the  same, — and  am  of  opinion  that  it  furnishes  and  provides  a 
most  reliable  and  substantial  additional  security  for  the  payment 
of  both  the  principal  and  interest  due,  or  to  become  due,  upon 
the  first  Mortgage  Bonds  of  the  Illinois  River  Railroad  Com- 
pany. 

NEW  YOKE,  November  16th,  1858. 

JOHN  CLEAVELAND5 
No.  38  Wall  Street. 


I  concur  in  the  foregoing  opinion  of  JOHN  CLEAVELAND,  ESQ., 
and  hereby  approve  of  the  foregoing  contract  and  running  ar- 
rangement. This  approval  is  given  by  me  in  pursuance  of  and 
according  to  the  requirements  of  the  agreement  made  between 
the  Illinois  River  Railroad  Company  and  Alexander  Studwell, 
dated  September  27th,  1858. 

NEW  YOKE,  November  16th,  1858. 

GEO.  T.  M.  DAVIS, 
No.  47  Exchange  Place. 

I  approve  of  the  foregoing  contract  or  running  arrangement, 
as  being  in  accordance  with  the  terms  and  provisions  of  my  agree- 
ment with  the  Illinois  River  Railroad  Company,  dated  September 
27th,  1858. 

NEW  YORK,  Novemler  16th,  18*8. 

A.  STUDWELL. 


oi  ibt  ftoajfl  of  ffwwtow, 

NOVEMBER  20TH,  1858. 


AT   A   MEETING    OF   THE    BoARD   OF   DIRECTORS   OF    THE    ILLINOIS 

RIVER  RAILROAD  COMPANY,  held  at  Virginia,  in  the  County  of 
Cass,  State  of  Illinois,  this  20th  day  of  November,  1858, 

Present,  R.  S.  THOMAS,  President. 

JOSHUA  WAGENSELLEK, 

WM.  THOMAS,  -^ . 

T,  r,  T-»  \Directors. 

B.  O.  .TRETTYMAN, 
J.  M.  RlTGGLES, 

The  minutes  and  proceedings  of  the  last  meeting  of  this 
Board  were  read  and  approved. 

The  President  then  produced  and  read  the  forms  of  two 
bonds,  one  for  $1,000,  and  the  other  for  $500,  which  had  been 
prepared  by  and  under  the  direction  of  JOHN  CLEAVELAND,  Esq., 
of  New  York,  as  the  forms  of  seven  hundred  and  twenty  $1,000 
bonds,  and  of  six  hundred  $500  bonds,  in  all  thirteen  hundred 
and  twenty  bonds,  amounting  in  the  aggregate  to  $1,020,000,  to 
be  issued  by  this  Company,  and  secured  by  a  First  Mortgage 
upon  all  its  corporate  property ;  and  said  forms  of  said  bonds 
having  been  read  and  duly  considered,  it  was  unanimously 
Resolved,  That  the  forms  of  said  bonds  so  prepared  be,  and  the 
same  are  in  all  respects  hereby,  approved  and  adopted  by  this 
Board,  and  that  said  bonds  be  dated  November  1st,  1858,  and 
that  the  President  and  Secretary  of  this  Company  be  and  they 
are  hereby  authorized  and  directed  to  sign  the  same  as  such 
President  and  Secretary,  for  and  in  behalf  of  this  Company,  and 
to  affix  to  each  of  them  the  corporate  seal  of  this  Company,  and 


103 

to  issue,  negotiate,  and  deliver  the  same  for  and  in  behalf  of  this 
Company  ;  and  that  a  copy  of  one  of  each  of  said  two  forms  of 
said  bonds  be,  and  the  same  is,  hereby  recorded  upon  the  minutes 
of  this  meeting  of  said  Board  as  follows,  that  is  to  say — (Here  is 
recorded  a  copy  of  a   $1,000   bond  and  a  $500   bond}.    The 
President  then  produced  and  read  to  this  Board  a  printed  mort- 
gage, or  deed  of  trust,  drawn  and  prepared  by  the  said  JOHN 
CLEAVELAND,  Esq.,  whereby  this  Company  conveys  all  its  cor- 
porate property,  acquired  and  to  be  acquired,  to  Alexander  Stud- 
well^  Lucius  Hopkins,  and    George  T.  Cobb,  as  Trustees,  which 
mortgage  or  deed  of  trust  having  been  read,  paragraph  by  para- 
graph,   and    all  and  singular  the  covenants,  provisos,  and  con- 
ditions therein    having   been    duly   considered,   discussed,   and 
examined,  on  motion  of  William  Thomas,  IT  WAS  UNANIMOUSLY 
RESOLVED,  That  said   mortgage   or  deed  of  trust,  with  all  and 
singular  the  grants,  covenants,  conditions,  and  provisos  therein, 
be,   and  the   same   were   and    are,   hereby   approved,   ratified, 
adopted,  and  confirmed  by  this  Board  in  all  respects ;  and  that 
the  President  and  Secretary  of  this  Company  be,  and  they  are, 
hereby  authorized  and  directed,  as  such  President  and  Secretary, 
to  execute,  acknowledge,  and  deliver  five  originals  of  said  mort- 
gage or  deed  of  trust,  for  and  in  behalf  of  and  as  the  act  and 
deed  of  this  Company,  and  to  affix  to  each  of  said  originals  the 
corporate  seal  of  this  Company,  and  to  make  each  of  said  originals 
bear  date  November  1st,  A.  D.  1858,  and  to  cause  said  mortgage 
or  deed  of  trust  to  be  duly"  recorded  in  each  of  the  counties  of 
Peoria,  Tazewell,  Mason,  Cass,  and  Morgan,  being  the  counties 
through  which  the  railroad  of  this  Company  runs,  and  to  cause 
the  certificate  of  such  recording  to  be  made  or  endorsed  by  the 
several  clerks  of  said  counties  upon  one  of  said  originals,  and  to 
deliver  such  original,  witli  the  several  certificates  of  recording  or 
filing  endorsed  thereon,  to  said  Studwell,  Hopkins,  and  Cobb.    It 
was  further  unanimously  Resolved,  That  said  mortgage,  or  deed 
of  trust,  so  produced  to  and  adopted  and  approved  by  this  Board 
be,  and  the  same  is,  recorded  arid  entered  upon  the  minutes  of 
this  meeting  of  said  Board  of  Directors  as  follows,  that  is  to  say, 
— (He>e  is  recorded  the  whole  mortgage,  or  deed  of  trust.) 

And  the  said  R.  S.  Thomas  further  stated  to  said  Board,  that 
under  the  special  power  conferred  upon  him  as  agent  and  attorney 


104 

in  fact  of  this  Company,  under  a  resolution  of  this  Board  adopted 
on  the  15th  day  of  September,  A.  D.  1858,  he. had  made  and 
finally  concluded,  executed,  and  delivered,  a  contract  or  running 
agreement,  for  and  in  behalf  of  this  Company,  with  the  Chicago 
and  Rock  Island  Railroad  Company,  and  dated  September  27th, 
1858.  Whereupon  said  contract,  or  running  arrangement,  with 
said  Chicago  and  Rock  Island  Railroad  Company  was  read,  and 
after  all  the  covenants,  provisions,  and  stipulations  therein  bad 
been  duly  considered,  discussed,  and  examined,  it  was,  on  motion 
of  Joshua  Wagenseller,  unanimously  Resolved,  That  said  contract 
with  said  Chicago  and  Rock  Island  Railroad  Company,  and  all 
and  singular  the  conditions,  provisions,  covenants,  and  stipula- 
tions therein,  be,  and  the  same  are,  hereby  approved,  adopted, 
and  ratified,  and  in  all  respects  confirmed,  by  and  on  the  part  of 
this  Company. 

Jtesolved,  That  said  last-mentioned  contract  be  recorded  at 
length  upon  the  minutes  of  this  Board,  and  the  same  is  so  recorded 
and  entered  upon  the  minutes  of  this  meeting,  viz : 

(Here  is  recorded  the  entire  contract.') 

It  was  further  unanimously  Resolved,  That  the  Superintend- 
ent of  the  Chicago  and  Rock  Island  Railroad  Company,  for  the 
time  being  be  and  he  is  hereby  appointed  the  Superintendent  of 
the  Railroad  of  this  Company,  to  hold  such  office  and  to  perform 
its  duties  from  the  time  said  railroad  shall  be  opened  for  the  trans- 
portation of  passengers  and  freight,  until  the  first  mortgage  bonds 
of  this  Company  are  fully  paid  off  and  redeemed.  And  that 
Alexander  Studwell,  of  the  city  and  State  of  New  York,  be  and 
he  is  hereby  appointed  Permanent  Treasurer  and  Financial 
Afjent  of  this  Company  in  the  city  of  New  York,  for  the  purposes 
specified  in  the  agreement  set  forth  in  the  minutes  of  the  pro- 
ceedings of  this  Board  at  its  meeting  held  October  8th,  1858,  and 
to  hold  such  offices  and  perform  the  special  duties  incident  thereto 
as  described  in  said  last-mentioned  agreement,  from  the  time  the 
railroad  of  this  Company  is  opened  for  the  transportation  of  pas- 
sengers and  freight,  and  until  its  first  mor!~ga.:e  bonds  are  fully 
paid  off;  PKOVIDED,  that  he  disburses  and  applies  the  moneys 
which  shall  come  to  his  hands  or  under  his  control  as  such 
officer,  only  for  the  purposes  and  in  the  manner  specified  in  the 
said  last-mentioned  agreement. 


105 

Resolved  further.  That  the  Secretary  of  this  Company  trans- 
mit to  the  trustees  named  in  said  mortgage  or  deed  of  trust,  copies 
of  the  entire  proceedings  of  this  Board,  at  the  meeting  held  Octo- 
ber 8th,  1858,  and  copies  of  the  entire  proceedings  at  this  meet- 
ing of  this  Board,  certified  under  the  corporate  seal  of  this  Com- 
pany by  said  Secretary,  except  that  said  Secretary  need  not  set 
forth  the  copies  of  the  contracts  with  Alexander  Studwell  and  the 
Chicago  and  Hock  Island  Railroad  Company,  or  of  the  bonds  or 
mortgage  or  deed  of  trust,  but  to  state  where  in  such  original 
minutes  such  papers  are  respectively  entered. 


STATE  OF  ILLINOIS,  COUNTY  OF  CASS,  ss. : 

I,  Mahlon  H.  L.  Schooley,  Secretary  of  the  Illinois  River 
Railroad  Company,  CKKTIFY,  that  the  foregoing  contains  a  full 
and  accurate  copy  of  all  the  proceedings  of  the  Board  of  Direct- 
ors of  said  Company,  at  their  meeting  begun  and  held  at  Yir- 
ginia,  in  Cass  County,  in  said  State,  on  Saturday,  the  20th  day 
of  November,  A.  D.  1858,  as  the  same  appear  of  record  in  my 
office. 

IN  TESTIMONY  WHEREOF,  I  have  hereunto  subscribed  my 
•  name  and  affixed  the  seal  of  said  Company,  at 
[SEAL  OF  THE         my  office  in  Virginia,  in  the  County  of  Cass, 
COMPANY.]  and  State  of  Illinois,  this  23d  day  of  Novem- 

ber, A.  D.  1858. 

M.  H.  L.  SCHOOLEY, 

Sec.  L  It.  R.  E.  Co. 


f  waffling* 

NOVEMBER  26TH,  1858. 


AT  A  MEETING  of  the  Board  of  Directors  of  the  ILLINOIS 
RIVER  EAILKOAD  COMPANY,  held  at  Pekin,  in  Tazewell  Co.,  Illi- 
nois, on  the  26th  day  of  November,  A.  D.,  1858, 

PRESENT  :  E.  S.  THOMAS,  PRESIDENT, 

B.  S.  PRETTYMAN,  ) 

T  ,,  T-.  >  DIRECTORS. 

J.  M.  KUGGLES,          ) 

THE  BOARD  having  received  a  communication  from  William 
Thomas,  the  only  Director  not  present,  recommending  the  ap- 
pointment of  Henry  Farnam,  of  Chicago,  as  a  director  to  fill  the 
vacancy  occasioned  by  the  resignation  of  Joshua  Wagenseller, 
on  motion  of  B.  S.  Prettyman,  it  is  RESOLVED,  unanimously,  that 
the  said  Henry  Farnam,  of  Chicago,  be  and  he  is  hereby 
appointed  a  Director  of  this  Company,  as  the  successor  of  the 
said  Joshua  Wagenseller. 

STATE  OF  ILLINOIS,  COUNTY  or  CASS,  ss. : 

I,  MAHLON  H.  L.  SCHOOLEY,  SECRETARY  of  the  Illinois 
River  Railroad  Company,  CERTIFY  that  the  foregoing  is  a 
true  copy  of  a  preamble  and  resolution  adopted  by  the  Board 
of  Directors  of  said  Company,  at  their  meeting  begun  and 
held  at  Pekin,  in  Tazewell  County,  Illinois,  on  the  26th  day 
of  November,  A.  D.  1858  ;  and  that  all  the  members  of  the 
Board  (except  William  Thomas)  were  present  at  said  meeting, 
and  voted  for  said  preamble  and  resolution. 

IN  TESTIMONY  WHEREOF  I  have  hereunto  subscribed  my 
name  and  affixed  the  Seal  of  said  Company, 
[SEAL  OF  THE        at  my  office  in  Virginia,  this  27th  day  of  NO- 
COMPANY.]          vember,  A.  D.  1853. 

M.  II.  L.  SCHOOLEY, 

Sec.  III.  Rim.  R.  R.  Co. 


LETfERS  FROM  GEO.  T.  M,  DAYIS,  ESQ. 


NEW  YORK,  Dec.  9th,  1858. 
A.  STUDWELL,  ESQ., 

Financial  Agent  and  Permanent  Treasurer  of 

Illinois  River  Railroad  Company. 

DEAR  SIR  : — From  a  residence  of  eighteen  years  in  Illinois, 
which  commenced  in  1832  and  terminated  in  1850, 1  am  enabled 
to  speak  with  great  confidence  of  the  advantages  and  benefits  to 
arise  from  the  construction  of  the  Illinois  River  Railroad. 

It  traverses  five  of  the  best  counties  in  that  State,  four  of 
which  stand  pre-eminent  as  stock  and  grain  producing  counties. 
The  completion  of  this  road  opens  to  the  Chicago  market  this  rich 
and  productive  section  of  the  State,  and  from  which  important 
market,  the  large  quantity  of  cattle,  hogs,  and  cereals  annually 
grown  in  those  counties,  has  heretofore  been  in  great  part 
excluded. 

A  careful  examination  of  the  Report  of  the  Chief  Engineer, 
satisfies  me  that  his  estimates  in  all  these  respects  are  under, 
rather  than  over  what  actual  results  will  show. 

The  completion  of  the  Jacksonville  and  Alton  road,  thirty 
miles  of  which  is  now  ready  for  the  rails,  and  which  is  virtually 
an  extension  of  the  Illinois  River  road,  will  also  open  to  the 
Chicago  market  the  entire  southern  portion  of  Morgan  county, 
and  the  whole  of  the  counties  of  Jersey  and  Green,  that  are  now 
without  any  railroad  facilities,  and  which  take  rank  as  stock  and 
grain  producing  counties,  with  those  traversed  by  the  Illinois 
River  Railroad ;  thus  securing  to  this  road,  in  addition  to  the 
through  travel,  a  monopoly  of  a  large  and  lucrative  local  traffic, 
that  cannot  be  excelled  by  any  other  road  in  Illinois,  either  com- 
pleted, in  course  of  construction,  or  contemplated. 


108 

An  unusually  economical  and  advantageous  operation  of  the 
Illinois  River  Railroad  has  been  secured  for  the  period  of  twenty 
years,  by  the  terms  of  the  running  contract  it  has  made  with  the 
Chicago  and  Rock  Island  Road,  and  under  which  your  road  is  to 
be  operated  by  the  experienced  and  popular  executive  officers  of 
the  Rock  Island  Road  ;  while  that  road  at  the  same  time  will  be 
largely  benefitted  by  the  connection. 

I  have  purchased  all  the  rails,  chairs,  and  spikes,  for  cash, 
and  upon  most  advantageous  terms  as  to  price,  the  saving  on  the 
rails  alone  being  equal  to  five  dollars  a  ton,  even  at  the  present 
market  rates.  The  quality  of  all  the  material  is  guaranteed  to  be 
the  best. 

The  first-mortgage  ten  per  cent,  bonds  have  been  made  a  first 
class  security,  so  far  as  human  sagacity  and  experience  could 
accomplish  that  result. 

By  the  unanimous  vote  of  the  Board  of  Directors,  and  with 
the  concurrence  of  a  decided  majority  of  the  stockholders,  the 
entire  net  revenues  of  the  road  are  irrevocably  pledged  as  a  Sink- 
ing Fund  for  the  redemption  of  the  First-Mortgage  Bonds. 

A  DEPRECIATION  FUND  of  ten  per  cent,  of  the  revenues  of  the 
Road  is  irrevocably  set  apart  to  meet  the  repairs  and  re-tracklay- 
ing  upon  the  Road,  thereby  guarding  against  the  contingency  of 
any  floating  debt.  Both  this  and  the  foregoing  provision  as  to 
the  entire  net  revenues  of  the  road,  constituting  a  sinking  fund, 
are  new  and  most  important  features  in  the  railway  system  of  the 
United  States. 

It  is  made  compulsory  on  the  part  of  the  trustees  to  exhaust 
the  Sinking  Fund  each  year,  in  redeeming  the  bonds  ;  and  equally 
compulsory  on  the  bondholders  to  surrender  such  of  their  bonds 
annually  as  shall  be  designated  by  lot  for  payment. 

It  is  made  the  express  duty  of  the  trustees,  so  to  cancel  and 
mutilate  each  bond  and  the  coupons  thereto  attached,  as  they  are 
redeemed,  as  to  prevent  the  possibility  of  their  being  again 
disposed  of,  or  put  in  circulation,  or  used  in  any  other  way,  after 
they  have  passed  from  the  hands  of  the  trustees. 

The  bonds,  by  express  covenants  in  the  Deed  of  Trust,  as  well 
as  the  property  mortgaged  to  secure  their  payment,  are  placed 
beyond  the  operation  of  all  stay  laws,  stop  laws,  valuation  or 


109 

redemption  laws,  that  may  now  exist,  or  may  hereafter  be  enacted 
by  the  State  of  Illinois. 

In  addition  to  the  entire  net  revenues  of  the  road,  the  right  is 
secured  to  the  Company,  by  the  Deed  of  Trust,  to  issue  to  a  lim- 
ited extent  a  second-mortgage  bond,  and  to  apply  the  proceeds 
in  augmenting  the  Sinking  Fund  for  the  purpose,  among  other 
things,  of  redeeming  the  First-Mortgage  Bonds. 

The  road  will  be  entirely  completed,  including  ballasting  and 
fencing,  without  being  in  debt  a  dollar  for  any  purpose,  except 
its  bonded  debt  of  One  Million  and  Twenty  Thousand  Dollars. 

It  will  have  been  built  for  less  than  twenty -two  thousand  dol- 
lars a  mile,  including  every  thing  [even  including  the  actual  dis- 
count in  the  sale  of  the  Bonds],  owing  to  most  of  the  work  being 
accomplished  and  the  material  for  the  superstructure  purchased 
at  the  late  panic  prices. 

No  ACT  has  been  done  or  performed  by  the  Board  of  Direct- 
ors, that  has  not  been  done  or  performed  under  the  clearest  ex- 
pressed powers  delegated  to  them  by  their  charter. 

And,  finally,  under  the  most  unfavorable  view  that  can  be 
taken,  it  will  require  but  ten  years'  time  to  redeem  and  cancel 
the  entire  issue  of  the  First-Mortgage  Bonds,  without  exercising 
the  right  to  issue  a  limited  amount  of  Second-Mortgage  Bonds, 
and  to  apply  the  proceeds  of  their  sale  to  the  Sinking  Fund. 

The  above,  among  others  that  might  be  assigned,  are  the 
reasons  that  govern  me  in  the  expression  of  the  opinion  that 
the  First-Mortgage  ten-per-cent.  bonds  of  the  Illinois  River  Rail- 
road Company  are  as  safe  and  thoroughly  a  protected  railroad 
security  as  has  ever  been  issued  in  the  United  States. 

Yours,  respectfully, 

GEO.  T.  M.  DAVIS, 

47  EXCHANGE  PLACE. 


*<> 


t  7" 


110 


NEW  YORK,  December  13£A,  1858. 
R.  S.  THOMAS,  ESQ., 

President  of  Illinois  Btver  Kailroad  Company. 

DEAR  SIB  : — In  answer  to  your  inquiry  as  to  what  assurances 
I  can  give  you  of  the  quality  of  the  rails  I  have  purchased  for 
your  road,  I  beg  leave  to  reply  that  they  are  manufactured  by 
the  Derwent  and  Consett  Iron  Company,  and  H.  Crawshay  & 
Co.,  of  the  Newcastle  district,  on  the  North-eastern  coast  of 
England. 

The  rails  from  this  district  rank  next  to  the  Staffordshire 
rails,  which  are  the  best  that  are  manufactured  ;  and  both  com- 
mand for  the  Continental  markets  a  much  higher  price  than  the 
best  quality  of  Welsh  rails. 

The  high  price  of  these  English  rails  over  the  "Welsh,  has 
excluded  almost  entirely  the  use  of  the  former  from  the  United 
States.  The  only  roads  in  this  country,  that  I  know  of,  which 
have  used  the  rails  of  the  brand  that  yours  is,  are  the  Illinois 
Central,  the  New  York  and  Erie,  and  the  Grand  Trunk  of 
Canada.  All  these  great  thoroughfares  have  the  highest  opinion 
of  the  English  rails  from  the  Newcastle  district. 

On  the  continent,  as  I  have  already  observed,  the  preference, 
even  at  a  much  higher  price  to  be  paid,  has  been  given  to  the 
English  rails  of  the  same  brand  as  yours,  over  the  Welsh  rails. 

The  Crimean  Railway,  at  Balaklava,  constructed  by  Messrs. 
Peto,  Brasey  &  Betts,  during  the  Russian  war,  was  laid  with 
rails  of  the  same  make  as  yours,  the  preference  being  given  to 
them,  on  account  of  their  superior  tenacity  and  great  durability. 
The  Russian  Government,  after  the  restoration  of  peace,  pur- 
chased these  rails,  and  have  since  contracted  for  THIRTY  THOUSAND 
TONS  more,  for  the  Riga  and  Dunimaburgh  Railway,  now  in 
course  of  construction.  The  same  manufacture  of  rails  has  also 
been  freely  used  with  entire  satisfaction  upon  the  Grand  Russian 
Railway,  the  Prague  Railway,  the  Dieppe  and  Paris  Railway, 
the  Naples  and  Castlemare  Railway,  and  the  Rome  and  Frascatti 
Railway. 

In  England,  they  have  also  been  largely  used  and  highly 


Ill 

approved,  by  the  North  Eastern  Railway,  upon  which  is  the 
heaviest  coal  and  iron  traffic  in  England,  amounting  to  between 
two  and  three  million  tons  per  annum  ;  the  North  British  Rail- 
way, the  Blythe  and  Tyne  Railway,  the  Newcastle  and  Carlisle 
Railway,  the  London  and  North  Western  Railway,  the  London 
and  Dover  Railway,  and  the  London,  Brighton  aud  South  Coast 
Railway,  between  London  and  Brighton,  and  upon  which  the 
quickest  time  is  made  in  England,  their  express  train  making 
from  50  to  53  miles  per  hour. 

The  same  rails  of  the  kind  have  also  been  purchased  and  laid 
upon  four  of  the  principal  railways  in  Spain. 

Satisfactory  evidence  was  furnished  me  by  the  highly  respect- 
able firm,  in  Newcastle-on-Tyne,  from  whom  I  purchased  your 
rails,  of  their  use  by  all  the  above  named  railways  as  herein 
represented,  previous  to  my  closing  the  contract  with  them  on 
your  account.  And  the  very  fact  that  the  most  important  rail- 
ways of  England,  Russia,  France,  and  Spain  have  given  the 
preference  to  this  English  rail  over  the  Welsh  rail,  fully  justified 
the  assurances  given  me  by  the  sellers,  that  they  were  furnishing 
the  Illinois  River  Railroad  with  a  better  quality  of  rail  than  was 
usually  imported  into  the  United  States,  or  that  is  in  the  most 
general  use  upon  our  railroads. 

Yours  truly, 

GEORGE  T.  M.  DAYIS 

47  EXCHANGE  PLACE. 


112 


ILLINOIS  CORPORATIONS 

PROHIBITED   FROM   INTERPOSING   THE   DEFENSE   OF   USURY. 

SECTION  1.  That  no  corporation  shall  hereafter  interpose  the 
defense  of  usury  in  any  action. 

SEC.  2.  The  term  corporation,  as  used  in  this  act,  shall  be  con- 
strued to  include  all  associations  and  joint  stock  companies,  having 
any  of  the  powers  and  privileges  of  corporations  not  possessed  by 
individuals  or  partnei  ships.  Session  Laws  of  Illinois,  Ftb.  llth, 
1853,  p.  34. 


ILLINOIS  LAW  GOVERNS  CONTRACTS,  BONDS,  &c., 

MADE   IN   THAT   STATE   ALTHOUGH   MADE   PAYABLE   IN   FOREIGN  STATES 

OK   COUNTRIES. 

SECTION  1.  That  it  shall  be  lawful  for  any  person  pr  corpora- 
tion borrowing  money  in  this  State,  to  make  notes,  bonds,  bills, 
drafts,  acceptances,  mortgages  or  other  securities,  for  the  pay- 
ment of  principal  or  interest,  at  the  rates  authorized  by  the  laws 
of  this  State,  payable  at  any  place  where  the  parties  may  agree  ; 
although  the  legal  rate  of  interest  in  such  place  may  be  less  than 
in  this  State  ;  and  such  notes,  bonds,  bills,  drafts,  acceptances, 
mortgages  or  other  securities,  shall  not  be  regarded  or  held  to  be 
usurious ;  nor  shall  any  securities  taken  fur  the  same,  or  upon 
such  loans,  be  invalidated  in  consequence  of  the  rate  of  interest 
of  the  state,  kingdom  or  country  where  the  paper  is  made  pay- 
able, being  less  than  in  this  State,  nor  of  any  usury  or  penal  law 
therein. 

SEC.  2.  No  plea  of  usury  nor  defense  founded  upon  an  allega- 
tion of  usury,  shall  be  sustained  in  any  court  in  this  State,  nor 
shall  any  security  be  held  invalid  on  an  allegation  of  usury  where 
the  rate  of  interest  reserved,  discounted  or  taken,  does  not 


113 

exceed  that  allowed  by  the  laws  of  this  State,  in  consequence  of 
such  security  being  payable  in  a  state,  kingdom  or  country, 
where  such  rate  of  interest  is  not  allowed. 

SEC.  3.  It  shall  be  lawful  for  all  parties  loaning  money  in  this 
State,  to  take,  reserve  or  discount  interest  upon  any  note,  bond, 
bill,  draft,  acceptance,  or  other  commercial  paper,  mortgage  or 
other  security,  at  any  rate  authorized  by  the  laws  of  this  State, 
whether  such  paper  or  securities  for  principal  or  interest  be 
payable  in  this  State  or  in  any  other  state,  kingdom  or  country, 
without  regard  to  the  laws  of  any  other  state,  kingdom  or  country ;. 
and  all  such  notes,  bonds,  bills,  drafts,  acceptances,  or  other  com- 
mercial paper,  mortgages  or  other  security,  shall  be  held  valid  in 
this  State,  whether  the  parties  to  the  same  reside  in  this  State  or 
elsewhere. 

SEC.  4.  All  laws  or  parts  of  laws  inconsistent  with  this  act, 
are  hereby  repealed.  /Session  Laws  of  Illinois,  Feb.  16,  1857, 
p.  33. 

8 


OPINION  OF  JOHN  CLEAVELAND,  ESQUIRE, 


I  HAVE  examined  the  Charter  of  the  Illinois  River  Railroad 
Company ,  and  the  several  acts  of  the  General  Assembly  of  the 
State  of  Illinois,  amendatory  thereof,  or  in  addition  thereto  ;  and 
I  fully  concur  with  the  HON.  S.  T.  LOGAN  in  the  opinion  that  said 
corporation  has  the  power  to  borrow  money  ;  and  for  that  pur- 
pose is  authorized  to  issue  and  sell  its  bonds. 

By  the  fifteenth  section  of  its  charter  (the  act  of  February 
llth,  1853),  said  corporation  is  expressly  authorized  to  borrow 
such  sum  or  sums  of  money  as  may  be  necessary  for  completing, 
finishing,  or  operating  its  railroad  ;  and  also,  to  issue  and  dispose 
of  its  bonds,  bearing  an  interest  not  exceeding  seven  per  cent., 
for  any  amount  so  borrowed,  and  to  mortgage  its  corporate 
property  and  franchises  for  the  payment  of  any  debt  so  con- 
tracted for  the  purposes  aforesaid.  By  the  same  section,  all 
sales  of  said  bonds,  made  at  a  less  rate  than  their  par  value,  are 
declared  to  be  as  good,  valid,  and  binding  upon  said  corporation 
as  if  they  had  been  sold  for  the  full  amount  thereof. 

In  1857,  the  General  Assembly  of  Illinois  enlarged  the  powers 
of  the  above-named  corporation.  By  the  second  section  of  the 
act  of  January  29th  of  that  year,  it  was  expressly  empowered  to 
issue  its  bonds,  bearing  an  interest  not  exceeding  ten  per  cent. 
for  such  an  amount  as  may  be  necessary  to  complete  its  railroad, 
and  to  put  the  same  in  full  operation  ;  and  to  sell  said  bonds  at 
par,  or  on  such  other  terms  as  said  corporation  'may  agree  on. 
By  the  fourth  section  of  the  last-mentioned  act,  express  authority 
is  conferred  upon  said  corporation,  by  mortgage  or  deed  of  trust, 
to  convey  or  pledge  all  or  any  part  of  its  corporate  property  and 
franchises,  to  secure  the  payment  of  such  bonds  as  it  may  issue. 


115 

or  such  sums  of  money  as  it  may  agree  to  pay  for  any  purposes 
connected  with  the  construction  or  operation  of  its  railroad. 

I  have  examined  the  proceedings  and  resolutions  of  the 
Board  of  Directors  of  said  corporation,  authorizing  the  issue  of 
1320  bonds,  and  the  execution  of  a  mortgage  or  deed  of  trust  to 
secure  their  payment ;  and  I  am  of  opinion  that  the  issue  of  said 
bonds,  and  the  making  of  the  said  mortgage  or  deed  of  trust, 
were  duly  authorized,  ratified,  and  confirmed  by  the  proceedings 
and  resolutions  of  said  Board  at  legally  convened  meetings,  held 
on  the  8th  of  October  and  the  20th  of  November,  1858  ;  and 
that  such  bonds  are  legal  and  binding  obligations  upon  and 
against  said  corporation,  and  that  their  payment  is  secured  by  a 
valid  first  mortgage  upon  all  the  corporate  property  and  franchises 
of  said  corporation. 

Additional  security  for  the  payment  and  ultimate  redemption 
of  all  said  1320  bonds  is  provided  by  means  of  a  running  arrange- 
ment, already  made  by  said  corporation,  with  the  Chicago  and 
Rock  Island  Railroad  Company. 

It  is  covenanted  by  and  on  the  part  of  the  Illinois  River 
Railroad  Company,  in  said  mortgage  or  deed  of  trust,  that  said 
running  arrangement,  so  long  as  any  of  said  1320  bonds  are 
outstanding  and  unpaid,  shall  not  be  abrogated,  or  altered,  or 
changed,  so  as  to  divert  the  payment  of  the  net  earnings  of  said 
railroad,  as  therein  provided,  unless  the  consent  of  the  trustees, 
named  in  said  mortgage,  shall  be  first  obtained  therefor. 

By  the  agreement  with  the  Chicago  and  Rock  Island  Rail- 
road Company,  and  by  the  said  mortgage  or  deed  of  trust,  the 
entire  net  earnings  of  the  Illinois  River  Railroad  are  irrevocably 
pledged  and  appropriated  to  the  purpose  of  creating  and  main- 
taining two  funds.  One  to  be  denominated  a  "  Depreciation 
Fund,"  and  the  other  a  "  Sinking  Fund." 

The  estimates  of  the  Chief  Engineer  as  to  the  net  revenues 
of  said  railroad, — confirmed  as  they  are  by  the  independent  and 
wholly  unbiassed  judgment  of  J.  Collins  Chesbrough,  Civil 
Engineer, — seem  to  leave  no  reasonable  doubt  that  the  Sinking 
Fund,  provided  for  as  aforesaid,  must  be  adequate  to  the  pay- 
ment and  redemption  of  all  said  1320  bonds  within  a  period  of 
ten  years.  The  contract  with  the  Chicago  and  Rock  Island  Rail- 
road Company  furnishes  the  security  or  guaranty  of  that  well- 


116 

known  and  wealthy  Railroad  Corporation,  that  the  Illinois  River 
Railroad,  upon  its  completion,  will  not  only  be  put  in  immediate 
and  full  operation,  but  that  its  entire  net  earnings  will  be 
promptly  deposited  with  the  Importers  and  Traders'  Bank  in 
the  city  of  New  York  to  be  applied  to  the  sole  purpose  of  creat- 
ing and  maintaining  the  two  funds  already  mentioned. 

It  is  difficult  to  conceive  how  a  railroad  bond  can  be  more 
effectually  guarded  and  secured  than  are  the  1320  first-mortgage 
bonds  of  the  Illinois  River  Railroad  Company.  While  security 
to  the  holders  of  these  bonds  is  primarily  provided  for  by  the 
mortgage,  contracts,  and  arrangements  aforesaid,  the  ultimate 
rights  and  interests  of  the  shareholders  are,  thereby,  at  the  same 
time,  fully  protected. 

NEW  YOKE:,  DEO.  14ra,  1858. 

JOHN  CLEAVELAND, 

No.  38  Wall  Street. 


